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DTN Midday Grain Comments     12/01 10:52

   Corn and Wheat Higher, Beans Lower at Midday Friday

   Corn trade is 1 to 4 cents higher; beans are 13 to 15 cents lower and wheat 
trade is flat to 4 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is mixed with the S&P 6 points lower. The dollar index 
is 2 points lower. Interest-rate products are firmer. Energies are firmer with 
crude up $.10 and natural gas up $.01. Livestock trade is weaker. Precious 
metals are firmer with gold up $19.

CORN:

   Corn trade is 1 to 4 cents higher at midday with firmer spread action as 
trade tries to challenge nearby resistance as oversold conditions ease from the 
early week lows. Ethanol margins are narrowing a bit with corn bouncing and 
unleaded holding near the lower end of the range with tepid recent demand. 
Basis should remain steady short term.

   The daily wire remained quiet into the end of the week. South American 
weather should see little change in the immediate term from the recent pattern. 
On the March chart, the 20-day average at $4.85 is nearby resistance which we 
are just below at midday with the fresh low at 4.70 1/2 as support.

SOYBEANS:

   Soybean trade is 13 to 15 cents lower at midday with trade fading back to 
the overnight lows with action continuing to chop along the lower end of the 
recent range with meal longs continuing to unwind. Meal was $9 to $10 and oil 
is 50 to 60 points lower.

   The daily wire remained active with 132,000 metric tons sold to China, and 
198,000 to unknown. Basis continues to drift sideways short term. The South 
American weather pattern will be watched for sustained moisture into midmonth 
for the drier areas with forecast models still diverging a bit in the extended. 
The January soybean chart has resistance at the 20-day at $13.56, with the 
lower Bollinger Band at $13.20 as support.

WHEAT:

   Wheat trade is flat to 4 cents higher with trade working to consolidate 
gains into the week after pushing into resistance levels yesterday. The Plains 
snow cover should fade with warmer temps into the end of the week with more 
seasonal temps to follow. World weather has shown little change in recent days 
with little concern in the Northern Hemisphere for now and Southern Hemisphere 
harvest to expand.

   Matif wheat is just a bit higher at midday. On the KC March Chart, support 
is at the fresh low of $5.95 with the 20-day moving average at $6.37 as 
resistance which we are just above overnight.

   David Fiala can be reached at dfiala@futuresone.com. 

   Follow him on X, formerly Twitter, @davidfiala.




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