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DTN Midday Grain Comments     12/08 10:43

   Corn, Beans High and Wheat Mixed at Midday Friday

   Corn trade is 1 to 2 cents higher; beans are 8 to 9 cents higher and wheat 
trade is 6 cents lower to 1 cent higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is mixed with the S&P 3 points higher. The dollar 
index is 45 points higher. Interest rate products are lower. Energies are mixed 
with crude up 1.80 and natural gas off .02. Livestock trade is mixed. Precious 
metals are mixed with gold off $26.


   Corn trade is 1 to 2 cents higher at midday with flat to firmer spread 
action as we work just below the highs of the week heading toward the WASDE 
report release at 11 a.m. CST. On the report, trade is looking for domestic 
carryout at 2.176 billion bushels, with South American production being revised 
slightly lower. Ethanol margins remain range-bound along with corn and unleaded 
action this week. Basis should remain steady short term.

   The daily wire saw 165,000 metric tons (mt) sold to unknown. South American 
weather should see little change in the immediate term with the extended 
forecast looking wetter for later in the month. On the March chart, the 20-day 
at $4.85 is nearby support which we are trading just above with the Upper 
Bollinger Band at $4.97 the next round-up.


   Soybean trade is 8 to 9 cents higher at midday with light buying continuing 
after the Thursday rebound with meal leading the product complex so far. Meal 
is $3 to $4 higher and oil is narrowly mixed. On the WASDE report, trade is 
looking for domestic carryout at 246 million bushels with Brazil's estimates 
slightly lower from last month and Argentina's slightly higher. The daily wire 
saw 136,000 mt sold to China. The South American weather pattern is still 
expected to shift more into mid-month to help the drier areas. The January 
soybean chart has resistance at the 20-day at $13.43, with the lower Bollinger 
Band at $12.88 as support which bounced off earlier in the week.


   Wheat trade is 6 cents lower to 1 cent higher with trade still consolidating 
the recent gains as we see some profit-taking vs. longs in Chicago action 
heading towards the weekend, even with 110,000 mt going to China again on the 
daily wire. The Plains should see mostly seasonal to slightly warmer temps 
short term with moisture shifted to the east. World weather has shown little 
change in recent days with little concern in the Northern Hemisphere for now.

   Matif wheat is weaker with the dollar back a bit firmer so far. The WASDE 
report is expected to show carryout unchanged at 670 million bushels. On the KC 
March Chart, support is at the 20-day moving average at $6.39 with the Upper 
Bollinger Band at $6.78 as resistance that we tested earlier in the week.

   David Fiala can be reached at 

   Follow him on X, formerly Twitter, @davidfiala.

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