DTN Midday Grain Comments     12/04 10:55

   Corn, Soybean, Wheat Futures Higher at Midday Thursday

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
5 to 6 cents higher; wheat futures are 1 to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
5 to 6 cents higher; wheat futures are 1 to 3 cents higher. The U.S. stock 
market is weaker at midday with the S&P 5 points lower. The U.S. Dollar Index 
is 8 points higher. The interest rate products are weaker. Energy trade is 
mixed with crude .80 higher and natural gas is .01 lower. Livestock trade is 
mostly higher with hogs leading. Precious metals are mixed with gold up 11.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with light, two-sided trade 
turning positive into the day session with export demand continuing to show. 
Ethanol margins have gotten a little boost from unleaded stabilizing, keeping 
us rangebound. The daily export wire saw sales to Mexico of 392,500 metric tons 
(mt), and to Columbia of 100,800 mt. Basis will likely remain steady to firm 
with good nearby demand and poor weather slowing movement. On the March chart, 
support is the 20-day moving average at $4.44, which we are just above at 
midday, with the Upper Bollinger Band at $4.54 the next round up.

SOYBEANS:

   Soybean futures are 5 to 6 cents higher at midday with trade working to firm 
back from the recent lows with meal leading the product complex in fairly quiet 
action. Meal is 1.50 to 2.50 higher and oil is 5 to 15 points lower. South 
American weather continues to keep concerns limited for now with some dry 
pockets persisting but a better forecast ahead. Basis gains will likely remain 
soft in the short term as crush gains fade and export shipments continue to lag 
a bit. The daily export wire was quiet today. On the January chart, resistance 
is the 20-day moving average at $11.30 that we failed to hold above again 
yesterday, with support the Lower Bollinger Band at $11.06 1/2.

WHEAT:

   Wheat futures are 1 to 3 cents higher with rangebound action likely to 
continue in the short term as buyers remain reluctant to commit as the Black 
Sea situation evolves and weather stories remain limited. Weather turning 
colder for the Plains should push things toward dormancy across the area with 
snow cover limited for now. MATIF wheat is weaker Thursday morning. On the KC 
March chart, resistance is the 20-day moving average at $5.34, which we are 
testing at midday, with support at the lower Bollinger Band at $5.17, which we 
bounced from last week.

   **

   Mark your calendars for the next DTN Ag Summit "Planning for Success" on 
Dec. 3-4 from 9:30 to 11:30 a.m.

   
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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 
welcomes a panel of DTN's America's Best Young Farmers and Ranchers award 
recipients -- Lucas and Dana Dull and Lillie and Brian Beringer-Crock -- to 
discuss new avenues of business and pivots each have made to welcome more 
agritourism to their operations.

   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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