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DTN Midday Grain Comments     12/10 10:46

   Soybean Futures Higher at Midday; Corn, Wheat Flat-Higher

   Corn futures are flat to 1 cent higher at midday Tuesday; soybean futures 
are 3 to 4 cents higher; wheat futures are flat to 4 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent higher at midday Tuesday; soybean futures 
are 3 to 4 cents higher; wheat futures are flat to 4 cents higher. The U.S. 
stock market is flat at midday with the S&P 1 point higher. The U.S. Dollar 
Index is 45 points higher. The interest rate products are weaker. Energy trade 
is mixed with crude up .60 with natural gas .09 lower. Livestock trade is 
mostly higher with cattle leading. Precious metals are mixed with gold up 27.00.

CORN:

   Corn futures are flat to 1 cent higher at midday with trade holding above 
nearby support in quiet action as we head toward the report at 11 a.m. CST, 
with expectations of little changes from the prior month. On the report, trade 
is looking for carryout at 1.902 billion bushels (bb) versus 1.938 bb last 
month, with world stocks edging lower. Ethanol margins remain tighter with 
greater unleaded strength needed to boost blenders. Colder temps toward the 
weekend may slow remaining fall work but the warmer second week should allow 
for further progress. Basis action has been flat to start the week. On the 
March chart, the 20-day moving average at $4.35 is support, which we closed 
solidly above Friday, with the Upper Bollinger Band at $4.43 as resistance.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday as we once again move to 
test nearby resistance after failing to hold gains recently with meal 
continuing to lead product action ahead of the report. Meal is 1.50 to 2.50 
higher and oil is flat to 10 points lower. On the WASDE report, trade is 
looking for 473 million bushels (mb) of carryout versus 470 mb last month, with 
world stocks slightly higher. South America looks to see the recent pattern 
continue with near-term concerns remaining mostly limited. Basis is expected to 
remain flat to firmer in the short term. On the January chart, trade has 
resistance at the 20-day moving average at $9.93, which we are just above this 
morning, with the Lower Bollinger Band at $9.75 as support.

WHEAT:

   Wheat futures are flat to 4 cents higher at midday as we try to consolidate 
KC action back above nearby resistance after the rebound from the low end of 
the range. The Plains are expected to remain mostly above normal with moisture 
limited in the days ahead. On the WASDE report trade is looking for carryout at 
815 mb, same as last month, with world stocks steady as well. Black Sea 
conditions should remain supportive into early winter. MATIF wheat is firmer at 
midday with the dollar moving back to the upper end of the range. On the KC 
March chart, support is the recent low at $5.34 and resistance the 20-day 
moving average at $5.56, which we holding just above.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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