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DTN Midday Grain Comments     12/09 10:47

   Corn Futures Higher at Midday; Soybeans, Wheat Lower

   Corn futures are 4 to 5 cents higher at midday Friday; soybean futures are 1 
to 2 cents lower; wheat futures are 4 to 5 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Friday; soybean futures are 1 
to 2 cents lower; wheat futures are 4 to 5 cents lower. The U.S. stock market 
is firmer with the DOW up 25 points. The U.S. Dollar Index is 5 points higher. 
Interest rate products are weaker. Energies are mostly higher with crude up 
1.15 and natural gas .35 higher. Livestock trade is mixed. Precious metals are 
firmer with gold up $12.00.

CORN:

   Corn futures are 4 to 5 cents higher at midday with short-covering and 
position-squaring ahead of the WASDE report due out at 11 a.m. CST with 
oversold conditions still in place. The USDA WASDE is expected to show light 
carryout changes on demand with the January report the next big item with final 
production. Ethanol margins continued to be crimped by falling blender margins 
and unleaded values fall among demand concerns. Dry weather in Argentina is 
raising some concern for their crop short term with some relief potentially on 
the horizon. The daily export wire has been quiet all week. On the March chart, 
support is at our daily low of $6.35 with other notable longer-term lows at the 
$6.12 early August low and then the $5.69 July low. Resistance is at the $6.59 
20-day moving average.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower at midday with trade working to 
consolidate the recent rally. Meal is still supporting crush margins and better 
export demand this week. Meal is $4.00 to $5.00 higher and oil is 40 to 60 
points lower with oil looking to come off deeply oversold conditions, while the 
rally has pushed meal towards overbought to maintain crush margins. The market 
is expecting very little change on the December WASDE today from the November 
soybean carryover numbers. On the January beans the trend remains strongly 
sideways with support from meal offsetting pressure from bean oil and slipping 
outside market influence. January chart support is at the $14.48 20-day moving 
average with resistance at the $14.81 upper Bollinger band, which we are above 
at midday and then the $14.93 3/4 two-month high, scored Friday morning. 

WHEAT:

   Wheat futures are 4 to 5 cents lower at midday with trade consolidating 
after establishing the lower end of the range through midweek ahead of the 
WASDE report today with oversold conditions still in place. The Plains look to 
remain mostly dry short term with cooler and wetter potential the second week 
as the crop heads towards dormancy. Southern Hemisphere harvest continues to 
move ahead with mixed results so far. Matif wheat values are holding rangebound 
as well. The recent lower dollar and lower futures have bulls hopeful export 
business will pick up short term. On the chart, KC March has support at the 
lower Bollinger band at $8.21 with further support with the fresh low at $8.27 
scored Tuesday. Resistance is at the $8.98 20-day moving average.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala




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