DTN Midday Grain Comments     12/02 10:49

   Corn, Wheat Futures Higher at Midday Tuesday; Soybeans Mixed

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
narrowly mixed; wheat futures are 4 to 7 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
narrowly mixed; wheat futures are 4 to 7 cents higher. The U.S. stock market is 
mixed at midday with the S&P 5 points lower. The U.S. Dollar Index is 7 points 
higher. The interest rate products are mixed. Energy trade is mixed with crude 
.30 lower and natural gas is unchanged. Livestock trade has cattle near limit 
higher, and hogs mixed. Precious metals are weaker with gold off 67.00.

CORN:

   Corn futures are 4 to 5 cents higher at midday with better action during the 
day session with Black Sea grain shipment concerns picking up along with nearby 
support holding. Ethanol margins should remain stable in the near-term with 
unleaded returning some pressure to blender margins along with corn strength. 
The daily export wire was quiet. 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 bounced 
from Tuesday, with the Upper Bollinger Band at $4.54 as the next round up.

SOYBEANS:

   Soybean futures are narrowly mixed, working to bounce from the nearby 
support levels with two-sided action so far Tuesday. Meal is 1.00 to 2.00 lower 
and oil is 35 to 45 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 with little progress 
to show so far. The daily export wire was quiet. 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.

WHEAT:

   Wheat futures are 4 to 7 cents higher with Black Sea concerns encouraging 
some short-covering into midday as we are just below nearby resistance. Weather 
turning colder for the Plains should push things toward dormancy there with 
snow cover limited for now. MATIF wheat is firmer at midday. 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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