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DTN Midday Grain Comments     12/06 10:44

   Corn, Beans Up; Wheat Lower Midday Tuesday

   Corn trade is 1 to 2 cents higher; beans are 25 to 27 cents higher and wheat 
is 1 to 5 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn trade is 1 to 2 cents higher; beans are 25 to 27 cents higher and wheat 
is 1 to 5 cents lower. The U.S. stock market is weaker with the Dow off 235 
points. The U.S. Dollar Index is 0.20 lower. Interest rate products are firmer. 
Energies are weaker with crude off $1.95 and natural gas off $0.15. Livestock 
trade is sharply lower. Precious metals are firmer with gold up $5.00.

CORN:

   Corn trade is 1 to 2 cents higher at midday Tuesday with trade still working 
to build footing after washing to lows again Monday, with spillover support 
from soybeans while wheat continues to be a drag. The daily export wire will be 
watched to see if sales pick up again with nothing to start the week. Ethanol 
margins remain rangebound with corn values and driving demand expected to slow 
further until closer to Christmas travel with sliding unleaded values crimping 
blender margins. Fall fertilizer application should be about wrapped up. Basis 
has faded as transportation issues get worked on with the West starting to 
soften even more as end users build coverage. Dry weather in Argentina is 
raising some concern for their crop short term with some relief potentially on 
the horizon. On the March chart, trade is just below the lower Bollinger Band 
at 6.44 with the fresh low at $6.37 3/4 and the 20-day above current action at 
$6.63.

SOYBEANS:

   Soybean trade is 25 to 27 cents higher at midday with firmer spread action 
as crush margins are led by meal, and South American weather continues to come 
further into focus, along with improved demand optimism on reduced China COVID 
curbs. Meal was $19.50 to $20.50 higher and oil is 0.60 cent to 0.80 cent 
lower. Basis has held together well with little change in recent days. The 
daily export wire has been active to start the week with 264,000 metric tons 
China and 240,000 to unknown. On the January chart, trade is back above the 
20-day at $14.41 with the upper Bollinger Band above current action at $14.76, 
as well as the fresh high at $14.78, and further support the lower Bollinger 
Band at $14.15.

WHEAT:

   Wheat trade is 1 to 5 cents lower with KC lagging again as trade looks for 
short covering amid deeply oversold conditions and little other fresh news with 
trade chopping mostly lower during the day session The dollar remains in the 
lower end of the recent range with weakness so far today. The Plains look to 
remain mostly dry short term with cooler and wetter potential the second week. 
Southern Hemisphere harvest will be moving forward soon with quality issues in 
Australia and drought losses in Argentina. Matif wheat values have slipped as 
well, but they have maintained a premium. On the chart, KC March action has 
faded well below the 20-day at $9.11 and the lower Bollinger Band at $8.47 is 
further support with the fresh low at $8.27 scored Tuesday below that.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala




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