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DTN Midday Grain Comments 12/15 10:56
Corn, Soybean, Wheat Futures All Lower at Midday Monday
Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 8
to 9 cents lower; wheat futures are 4 to 7 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 8
to 9 cents lower; wheat futures are 4 to 7 cents lower. The U.S. stock market
is mixed at midday with the S&P 5 points higher. The U.S. Dollar Index is 8
points lower. The interest rate products are firmer. Energy trade is weaker
with crude .75 lower and natural gas is .07 lower. Livestock trade is mixed
with cattle leading. Precious metals are mixed with gold off 1.00.
CORN:
Corn futures are 3 to 4 cents lower at midday as broader selling across ag
contracts picks up after a quiet start and little fresh news. Ethanol margins
continue to see a bit of pressure with unleaded hanging out at the low end of
the range to pressure blender margins with holiday travel likely to give things
a boost into the end of the year. The daily export wire saw 150,320 metric tons
(mt) of corn sold to unknown destinations. Weekly export inspections were still
strong at 1.583 million metric tons (mmt) with year-to-date pace at 169%. Basis
will likely remain steady to firm with good nearby demand keeping support in
place. On the March chart, resistance is the 20-day moving average at $4.44
1/4, which we fell below, with the Lower Bollinger Band at $4.36 as support.
SOYBEANS:
Soybean futures are 8 to 9 cents lower at midday, fading from two-sided
trade overnight and product action fading again as well and fresh sales
continuing to accumulate. Meal is flat to 1.00 lower and oil was 60 to 70
points lower. South American weather has some short-term dryness in the
southern growing areas with Brazil staying in better shape. Basis will likely
remain soft in the short term as crush gains fade and export shipments continue
to lag overall. The daily export wire saw sales of 136,000 mt sold to China.
Weekly export inspections are staying soft at 795,661 mt while year-to-date
pace is at 54%. On the January chart, resistance is the 20-day moving average
at $11.19 3/4, with support the $10.67 fresh low Monday morning.
WHEAT:
Wheat futures are 4 to 7 cents lower with trade again fading into the lower
end of the range. Southern Hemisphere harvest is keeping pressure on with
spillover pressure from row-crop action. Weather for the Plains looks warmer
and drier than normal for the balance of the month. MATIF wheat is weaker
Monday morning. Weekly export inspections were solid at 488,205 mt with
year-to-date pace at 122%. On the KC March chart, resistance is the 20-day
moving average at $5.29, with support at the lower Bollinger Band at $5.17,
which we are testing at midday.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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