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DTN Midday Grain Comments     12/06 10:56

   Corn and Bean Futures Lower, Wheat Mixed Midday Wednesday

   Corn trade is 5 to 6 cents lower; beans are 4 to 6 cents lower and wheat 
trade is 2 cents lower to 7 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is flat with the S&P 2 points higher. The dollar index 
is 10 points higher. Interest rate products are mixed. Energies are sharply 
lower with crude down $2.80 and natural gas off $0.05. Livestock trade is 
mostly lower. Precious metals are lower with gold off $5.60.


   Corn trade is 5 to 6 cents lower with trade fading back to support levels 
with spread action remaining flat to slightly firmer after failing to extend 
early strength. Ethanol margins are narrowing with the recent corn and unleaded 
action with the weekly report showing production 65,000 barrels per day higher, 
and stocks rising by 60,000 barrels. Basis should remain steady short term. The 
daily wire was quiet today. South American weather should see little change in 
the immediate term with the extended forecast looking wetter. On the March 
chart the 20-day at $4.85 is nearby support as we try to consolidate above it 
with the Upper Bollinger Band at $4.97 the next round up.


   Soybean trade is 4 to 6 cents lower with trade giving back early gains again 
to stay mired in the lower end of the recent range with product action 
continuing to slide as well. Meal is 5.00 to 6.00 lower and oil is 50 to 60 
points lower. The daily wire saw 136,000 metric tons sold to China. Basis 
continues to drift sideways short term. The South American weather pattern will 
be watched for confirmation of the expected uptick in rain at the end of the 
two-week forecast. The January soybean chart has resistance at the 20-day at 
$13.47, with the lower Bollinger Band at $12.98 as support which we are working 
to hold at midday.


   Wheat trade is 2 cents lower to 7 cents higher with Chicago action 
continuing to lead with firmer spread action as China secured another 372,000 
metric tons of soft red wheat on the daily wire continuing the recent buying 
binge. The plains should see mostly seasonal to slightly warmer temps short 
term. World weather has shown little change in recent days with little concern 
in the northern Hemisphere for now. Matif wheat is firmer with the dollar back 
near the recent highs. On the KC March Chart, support is at the 20-day moving 
average at $6.38 with the Upper Bollinger Band at $6.78 as resistance as we try 
to consolidate the recent gains further as we work on the seventh higher day in 
a row.


   Register now for DTN's Virtual Ag Summit on Dec. 5 and 6, a virtual event 
that offers discussions of farmland values, tax advice, the latest 
technological advances, and the challenges of having a family business. On 
Wednesday, Ag Meteorologist John Baranick will give an early glimpse of what to 
expect from the weather in 2024 and Todd Hultman will give you his best 
assessment of where corn and soybean prices are headed in the year ahead.

   Register for this free event at 
Can't make it those two days? A recorded link will be provided, but you need to 


   David Fiala can be reached at 

   Follow him on X, formerly Twitter, @davidfiala.

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