News & Resources

DTN Midday Grain Comments 12/28 10:51

28 Dec 2022
DTN Midday Grain Comments 12/28 10:51 Corn, Soybean Futures Higher at Midday; Wheat Flat-Higher Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures are 10 to 11 cents higher; wheat futures are flat to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures are 10 to 11 cents higher; wheat futures are flat to 8 cents higher. The U.S. stock market is weaker with the DOW down 160 points. The U.S. Dollar Index is 20 points higher. Interest rate products are mixed. Energies are weaker with crude off 1.80 and natural gas is .65 lower. Livestock trade is mostly lower. Precious metals are weaker with gold of 15.00. CORN: Corn futures are 3 to 4 cents higher at midday as we work to consolidate the recent gains into the end of the year with flat to firmer spread action and little fresh news for corn as we edge towards resistance. Ethanol margins will need post-holiday demand to be robust to keep stocks manageable, while natural gas stays near the recent lows to keep some support in play. Planting should catch up further in Argentina with mixed weekend rains and overall conditions well behind last year. The daily export wire was quiet Wednesday after the action seen to start the week. Basis has stabilized in the west with above-average action holding up overall. On the March chart, support is at the $6.54 20-day moving average, which we moved above Wednesday, with the Upper Bollinger Band at $6.75 the next level up as resistance, which we are testing at midday. SOYBEANS: Soybean futures are 10 to 11 cents higher at midday with trade working to build a little strength again after struggling to hold gains Tuesday as trade looks to evaluate China demand as COVID curbs ease, and South American weather remains mixed. Meal is $9.50 to $10.50 higher and oil is 170 to 190 points lower. Brazil looks to remain in good shape short term, while the Argentina improvement will need to continue with the forecast in flux and mixed weekend rains. The daily export wire has been quiet to start the week. Basis remains mostly sideways near term. January chart support is at the $14.69 20-day moving average with resistance at the $15.04 upper Bollinger band and the $15.16 3/4 high scored Tuesday. WHEAT: Wheat futures are flat to 8 cents higher at midday with trade working to build on recent gains with Chicago wheat leading so far after KC led Tuesday. Spread action has been a little weaker Wednesday after the Tuesday strength. The Southern Plains look to remain mostly dry short term with warmer action into January with moisture and better cover likely to the north. Southern Hemisphere harvest will wind down soon. Matif wheat values are just off the recent highs as well. On the chart, KC March has support at the 20-day moving average at $8.60 that we pushed above last week, with the Upper Bollinger Band above that at $8.96. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.
loading