DTN Midday Grain Comments 12/28 10:56

DTN Midday Grain Comments 12/28 10:56 Wheat Futures Higher at Midday; Corn Flat to Lower; Soybeans Mixed Corn futures are flat to 1 cent lower at midday Thursday; soybean futures are narrowly mixed; wheat futures are 4 to 10 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent lower at midday Thursday; soybean futures are narrowly mixed; wheat futures are 4 to 10 cents higher. The U.S. stock market is firmer at midday with the S & P 5 points higher. The U.S. Dollar Index is 10 points higher. The interest rate products are weaker. Energies have crude off .80 and natural gas up .10. Livestock trade is weaker. Precious metals are weaker with gold 9.00 lower. CORN: Corn futures are flat to a penny lower with trade continuing to chop just below nearby resistance levels with little other news as we head toward year end. Ethanol margins look to remain rangebound in the short term with corn and unleaded staying rangebound. Weekly ethanol production was just short of a record, up 36,000 barrels per day (bpd) with stocks up by 611,000 barrels. Basis should remain steady toward year end with farmer movement slow until next week. South American weather remains mostly favorable for the first crop corn. Weekly export sales are delayed until Friday. On the March chart, the 20-day moving average at $4.80 is nearby resistance, which we faded from overnight, with the Lower Bollinger Band at $4.69 as chart support, just above the $4.68 1/4 fresh low scored Thursday. SOYBEANS: Soybean futures are narrowly mixed with trade working to push back through nearby resistance with spread action fading into delivery as we approach a wetter stretch for the dry areas of Brazil while they remain warmer than normal in the immediate term. Meal is 4.00 to 5.00 lower and oil is flat to 10 points higher. Export purchases seem to be shifting toward a wait-and-see approach on weather and needs. Basis is expected to remain flat into the end of the year. The January soybean chart has resistance at the 20-day moving average of $13.15, which we remain just above at midday. The $12.92 recent low is nearby support, then the lower Bollinger Band at $12.87. WHEAT: Wheat futures are 4 to 10 cents higher midday with trade working to consolidate early week gains with reports of a ship hitting a mine in the Black Sea, along with the dollar pressing to the lower end of the range before finding a little support. The Plains will be cooler and drier in the short term after the recent rains and snows over much of the Plains. World weather issues look limited as well with Southern Hemisphere harvest ongoing. Matif wheat is a bit firmer this morning. On the KC March chart, resistance is at the 20-day moving average at $6.41 1/2, which we remain just above. Support is at the lower Bollinger Band at $6.15. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2023 DTN, LLC. All rights reserved.