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DTN Midday Grain Comments     12/04 10:54

   Corn, Soybean, Wheat Futures All Lower at Midday

   Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 
7 to 9 cents lower; wheat futures are 3 to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are 
7 to 9 cents lower; wheat futures are 3 to 6 cents lower. The U.S. stock market 
is firmer at midday with the S&P 25 points higher. The U.S. Dollar Index is 18 
points lower. The interest rate products are firmer. Energy trade is weaker 
with crude down .40 with natural gas off .05. Livestock trade is weaker. 
Precious metals are mixed with gold up 9.00.

CORN:

   Corn futures are 1 to 2 cents lower at midday with trade continuing to chop 
along the lower end of the range with quiet action so far Wednesday. The weekly 
ethanol report showed production falling by 46,000 barrels per day (bpd), and 
stocks rising by 100,000 barrels. Fall fertilizer application should continue 
to catch up in the short term. Weekly export sales are expected to be in the 
600,000 to 850,000 metric ton (mt) range Thursday morning. Basis action has 
been mixed in the short term. 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 7 to 9 cents lower at midday with trade slumping back to 
the lower end of the range with products unable to maintain strength along with 
little other fresh news. Meal is 1.00 to 2.00 lower and oil is 10 to 20 points 
lower. South America looks to remain in solid shape for crop development in the 
short term with little change to the recent pattern with Brazil a little drier 
than Argentina in recent days. The daily export wire saw 30,000 mt of soy oil 
sold to South Korea. Weekly export sales are expected to be in the 1.75 million 
metric ton (mmt) to 2.00 mmt range Thursday. Basis is expected to remain flat 
to firmer in the short term. On the January chart, trade has resistance at the 
20-day moving average of $9.98 with the Lower Bollinger Band at $9.71 as 
support.

WHEAT:

   Wheat futures are 3 to 6 cents lower at midday with choppy trade at the 
lower end of the range continuing with little fresh news to push action. The 
Plains are expected to be a bit warmer and drier in the short term but no major 
threats are expected. MATIF wheat is drifting lower after early strength, with 
needing further weakness to push action. On the KC March chart, support is the 
recent low at $5.34 and resistance the 20-day moving average at $5.60.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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