DTN Midday Grain Comments     12/03 10:51

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

   Corn futures are 4 to 5 cents lower at midday Wednesday; soybean futures are 
2 to 3 cents lower; wheat futures are flat to 4 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Wednesday; soybean futures are 
2 to 3 cents lower; wheat futures are flat to 4 cents lower. The U.S. stock 
market is firmer at midday with the S&P 13 points higher. The U.S. Dollar Index 
is 45 points lower. The interest rate products are mixed. Energy trade is 
firmer with crude .80 higher and natural gas is .16 higher. Livestock trade is 
firmer with cattle leading. Precious metals are firmer with gold up 39.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday Wednesday, pulling back from 
the firmer action Tuesday with little fresh news as we are back to testing 
support. Ethanol margins are getting a boost from corn fading and unleaded 
coming off the lower end of the range. The daily export wire was quiet again 
Wednesday. Basis will likely remain steady to firm with good nearby demand and 
poor weather slowing movement. On the March chart, support is the 20-day moving 
average at $4.44, which we are testing at midday, with the Upper Bollinger Band 
at $4.54 as the next round up.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower with trade drifting toward the lower 
end of the recent range with comments about China demand being on pace not 
doing anything to move the market. Meal is .50 to 1.50 higher and oil is 65 to 
75 points lower. South American weather continues to keep concerns limited for 
now with some dry pockets persisting. Basis gains will likely slow further as 
crush gains fade and export shipments need to catch up further with little 
progress in catching up shipping so far. The daily export wire was quiet. On 
the January chart resistance is the $11.69 1/2 area where we find the recent 
high with the 20-day moving average at $11.30 as support, which we are fading 
solidly below at midday.

WHEAT:

   Wheat futures are flat to 4 cents lower at midday with the Black Sea 
shipping concerns from Tuesday going back to wait-and-see mode for now as the 
peace talks seemed to have stalled again with drone attacks picking up against 
Russian shipping. Weather turning colder for the Plains should push things 
toward dormancy across the Plains with snow cover limited for now. MATIF wheat 
is flat at midday. On the KC March chart, resistance is the 20-day moving 
average at $5.34, with support at the lower Bollinger Band at $5.17, which we 
bounced from last week.

   **

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   Cyclical challenges in the grain market and shifting power dynamics in the 
cattle complex highlight the necessity of preparedness, not only to mitigate 
risk, but also to maximize opportunities.

   In our capstone DTN Ag Summit event, we'll hear directly from young farmers 
and ranchers about the approaches they're taking to set their businesses up for 
success and from DTN experts with critical outlooks to help you craft your game 
plan for 2026.

   Featured DTN speakers include Lead Analyst Rhett Montgomery, Ag 
Meteorologist John Baranick and Livestock Analyst ShayLe Stewart for respective 
outlooks on the grain market, weather and cattle. Senior Editor Dan Miller 
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   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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