DTN Midday Grain Comments     12/01 10:53

   Corn Futures Flat-Lower at Midday Monday; Soybeans Lower; Wheat Mixed

   Corn futures are flat to 1 cent lower at midday Monday; soybean futures are 
4 to 6 cents lower; wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent lower at midday Monday; soybean futures are 
4 to 6 cents lower; wheat futures are narrowly mixed. The U.S. stock market is 
weaker at midday with the S&P 20 points lower. The U.S. Dollar Index is 20 
points lower. The interest rate products are weaker. Energy trade is firmer 
with crude .70 higher and natural gas is unchanged. Livestock trade has cattle 
weaker, and hogs mixed. Precious metals are firmer with gold up 11.00.

CORN:

   Corn futures are flat to a penny lower to start the week with trade holding 
above nearby support with little fresh news. Ethanol margins should remain 
stable in the near term with unleaded finding some support at the lower end of 
the range. The daily export wire was quiet. Weekly export inspections were 
solid at 1.421 million metric tons (mmt), with year-to-date pace at 171%. Basis 
should continue to stabilize and firm in most areas with the well-above-normal 
fall shipment and usage pace. On the March chart, support is the 20-day moving 
average at $4.44, which we closed just above, with the Upper Bollinger Band at 
$4.54 as the next round up.

SOYBEANS:

   Soybean futures are 4 to 6 cents lower at midday with light selling and 
product weakness with little other fresh news to start the week. Meal is 3.00 
to 4.00 lower and oil is 20 to 30 points higher. South American weather 
continues to keep overall concerns limited as we get deeper in the growing 
season but some near-term dryness has persisted. Basis gains will likely slow 
further as crush gains fade and export shipments need to catch up further. The 
daily export wire was quiet Monday. Weekly export inspections were still soft 
at 920,194 metric tons (mt) with year-to-date pace at 54%. 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 and we are back above at midday.

WHEAT:

   Wheat futures are narrowly mixed with early gains fading with little fresh 
news; but the weaker dollar is keeping support in place despite broadly 
negative outside markets. Weather turning colder for the Plains should push 
things toward dormancy across the area with crop condition reporting likely 
wrapped up for the year. MATIF wheat is lightly firmer Monday morning. Weekly 
export inspections were OK at 384,851 mt with year-to-date pace at 120%. On the 
KC March chart, resistance is the 20-day moving average at $5.36, 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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