DTN Midday Grain Comments     12/03 10:45

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

   Corn futures are flat to a penny lower at midday Tuesday; soybean futures 
are 4 to 6 cents higher; wheat futures are 3 to 6 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny lower at midday Tuesday; soybean futures 
are 4 to 6 cents higher; wheat futures are 3 to 6 cents higher. The U.S. stock 
market is mixed at midday with the S&P 3 points lower. The U.S. Dollar Index is 
10 points lower. The interest rate products are weaker. Energy trade is mixed 
with crude up 1.65 with natural gas off .14. Livestock trade is firmer with 
cattle leading. Precious metals are firmer with gold up 7.00.

CORN:

   Corn futures are flat to a penny lower at midday with trade pulling back 
from an early test of resistance with firmer spread action holding with little 
fresh news. Ethanol margins are seeing some blender gains with firmer unleaded 
values Tuesday morning. Fall fertilizer application should work better as temps 
moderate into early December for most with mostly dry weather for the Corn Belt 
this week. Basis action will likely firm a bit into early December as shipping 
of the existing sales catches up. On the March chart, the 20-day moving average 
at $4.35 is resistance with the Lower Bollinger Band at $4.26 as support.

SOYBEANS:

   Soybean futures are 4 to 6 cents higher with trade pulling back from the 
test of resistance early in the session with broader product strength holding 
so far. Meal is 3.00 to 4.00 higher and oil is 60 to 70 points higher. South 
America looks to remain in solid shape for crop development in the short term 
with little change to the recent pattern. Basis is expected to remain flat to 
firmer in the short term. On the January chart, trade has resistance at the 
20-day at $9.98 with the Lower Bollinger Band at $9.71 as support.

WHEAT:

   Wheat futures are 3 to 6 cents higher at midday with trade trying to develop 
short-covering at the lower end of the range amid oversold conditions and 
spillover strength from Europe. The Plains are expected to be a bit warmer and 
drier in the short term. MATIF wheat continues to firm back a bit more from the 
lower end of the range, with the dollar edging a bit lower Tuesday with a 
further pullback needed to entice buyers. On the KC March chart, support is the 
fresh low at $5.34 and resistance the 20-day moving average at $5.62.  

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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