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DTN Midday Grain Comments 12/29 10:45
Corn, Soybean Futures Lower at Midday Monday; Wheat Flat-Lower
Corn futures are 6 to 7 cents lower at midday Monday; soybean futures are 8
to 9 cents lower; wheat futures are flat to 6 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 6 to 7 cents lower at midday Monday; soybean futures are 8
to 9 cents lower; wheat futures are flat to 6 cents lower. The U.S. stock
market is weaker at midday with the S&P 30 points lower. The U.S. Dollar Index
is 8 points higher. The interest rate products are firmer. Energy trade is
firmer with crude up 1.45 and natural gas is .22 higher. Livestock trade is
firmer. Precious metals are sharply lower with gold off 200.00.
CORN:
Corn futures are 6 to 7 cents lower at midday with broad commodity weakness
as we fade back from the upper end of the range tested to end the week with
mostly risk off action this morning. Ethanol margins will continue to be
limited by unleaded at the lower end of the range. The export wire was quiet
again to start the week. Basis will likely remain steady into the new year.
Weekly export inspections remain solid at 1.301 million metric tons (mmt),
keeping year-to-date pace at 166%. On the March chart, support is the 20-day
moving average at $4.45, with the Upper Bollinger Band at $4.52 as resistance.
SOYBEANS:
Soybean futures are 8 to 9 cents lower at midday with meal leading products
lower after early strength as we continue to consolidate the lower end of the
range after the late week bounce fizzled. Meal is 3.00 to 4.00 lower and oil is
narrowly mixed. South American weather looks to remain mostly good with
Argentina in better shape in recent days. Basis will likely remain soft into
the end of the year. The daily wire saw 100,000 metric tons (mt) sold to Egypt
with weekly export inspections continuing to lag at 750,312 mt, keeping
year-to-date pace at 54%. On the March chart, resistance is the 20-day moving
average at $10.91, with support the $10.61 recent low.
WHEAT:
Wheat futures are flat to 6 cents lower at midday with trade edging back
from the upper end of the recent trade with the risk off action this morning.
Southern Hemisphere harvest pressure will continue to ease short term. Weather
for the Plains looks to warm back after the cold shot with better moisture
expected the second week. MATIF wheat is flat to start the week. Weekly export
inspections were OK at 302,096 mt, keeping year-to-date pace at 122%. On the KC
March chart, support is the 20-day moving average at $5.23, which we are
consolidating above, with resistance the Upper Bollinger Band at $5.40.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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