DTN Midday Grain Comments     01/15 10:49

   Corn Futures Higher at Midday; Wheat Lower; Soybeans Mixed

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are narrowly mixed; wheat futures are 1 to 4 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are narrowly mixed; wheat futures are 1 to 4 cents lower. The U.S. stock market 
is firmer with the S&P up 80 points. The U.S. Dollar Index is 20 points lower. 
The interest rate products are firmer. Energy trade is firmer with crude up 
2.00 with natural gas .05 higher. Livestock trade is mostly higher. Precious 
metals are firmer with gold up 25.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with trade continuing to work 
just short of the fresh highs from the start of the week with firmer spread 
action. The weekly ethanol report showed production down by 7,000 barrels per 
day with stocks up by 900,000 barrels with firmer corn pressuring margins. 
Weekly export sales are expected to be in the 500,000 to 700,000 metric ton 
(mt) range. Basis action is expected to stabilize further into midmonth. On the 
March chart, the 20-day moving average at $4.55 is support with the fresh high 
at $4.79 3/4 as resistance.

SOYBEANS:

   Soybean futures are narrowly mixed at midday with trade finding support 
after fading from the highs Tuesday with oil leading the product side. Meal is 
2.50 to 3.50 lower and oil is 65 to 75 points higher. South America weather is 
showing some relief to the drier areas in the extended forecast. Weekly export 
sales are expected to be in the 600,000 to 800,000 mt range Thursday. Basis 
should stabilize further nearby. On the March chart, trade has support at the 
20-day moving average at $9.99, which has held so far this week, with the fresh 
high at $10.64 the next level of resistance.

WHEAT:

   Wheat futures are 1 to 4 cents lower with Chicago leading as we work to push 
to the next levels of resistance after the stronger start to the week with the 
dollar recovery limiting earlier upside. The Plains are expected to moderate, 
temperature-wise, this week before some more potential cold at the start of the 
next with further moisture limited for now. MATIF wheat continues to fade from 
the upper end of the range with the dollar weakness. On the KC March chart, 
support is the 20-day moving average at $5.52 with the Upper Bollinger Band at 
$5.63 as further resistance, which we are just below at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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