DTN Midday Grain Comments     12/16 10:50

   Corn, Soybean, Wheat Futures All Lower at Midday Tuesday

   Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 8 
to 9 cents lower; wheat futures are 2 to 11 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 8 
to 9 cents lower; wheat futures are 2 to 11 cents lower. The U.S. stock market 
is weaker at midday with the S&P 35 points lower. The U.S. Dollar Index is 22 
points lower. The interest rate products are firmer. Energy trade is weaker 
with crude 1.50 lower and scoring five-year lows and natural gas is .16 lower. 
Livestock trade is firmer with feeder cattle leading. Precious metals are mixed 
with gold up 7.00.

CORN:

   Corn futures are 3 to 4 cents lower at midday as we continue to grind along 
the lower end of the range with little other fresh news along with negative 
spillover from soybeans and outside markets. Ethanol margins continue to see a 
bit of pressure with the decline in energy prices resuming. 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 $4.43 1/4, which we 
fell below, with the Lower Bollinger Band at $4.35 as support.

SOYBEANS:

   Soybean futures are 8 to 9 cents lower as we fall further into the gap left 
from October with early meal strength easing while energy prices continue to 
drag down soyoil. Meal is narrowly mixed and oil is 120 to 130 points lower. 
November NOPA crush was 11% up year-on-year at 216 million bushels (mb) but oil 
inventories are sharply higher. South American weather has some short-term 
dryness to the north and south but overall remains good. Basis will likely 
remain soft in the short term as crush gains fade and export shipments continue 
to lag overall. On the January chart, resistance is the 20-day moving average 
at $11.19 3/4, with support the $10.62 fresh low scored Tuesday morning.

WHEAT:

   Wheat futures are 2 to 11 cents lower with trade fading further as negative 
spillover from outside markets, Southern Hemisphere harvest and a lack of 
bullish news keeps pressure on. Weather for the Plains looks warmer and drier 
than normal for the balance of the month. MATIF wheat is weaker Tuesday 
morning. On the KC March chart, resistance is the 20-day moving average at 
$5.29 with the support the fresh low at $5.05 1/2.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




(c) Copyright 2025 DTN, LLC. All rights reserved.