DTN Midday Grain Comments     01/16 10:48

   Corn, Wheat Futures Higher at Midday Friday; Soybeans Mixed

   Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 
narrowly mixed; wheat futures are 7 to 11 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 
narrowly mixed; wheat futures are 7 to 11 cents higher. The U.S. stock market 
is flat at midday with the S&P 8 points higher. The U.S. Dollar Index is 3 
points higher. The interest rate products are weaker. Energy trade is mixed 
with crude up .75 and natural gas is .07 lower. Livestock trade is mixed with 
cattle the downside leader. Precious metals are weaker with gold 28.00 lower.

CORN:

   Corn futures are 5 to 6 cents higher at midday with buying picking up during 
the day session and firmer spread action. Ethanol margins should remain 
sideways in the short term. The daily export wire saw sales of 298,000 metric 
tons unknown and 120,000 mt to Japan. Basis will likely remain flat with good 
movement and ample supply. New-crop price ratios continue to favor corn. On the 
March chart, support is the fresh low at $4.17 with the 20-day moving average 
well above the market at $4.38.

SOYBEANS:

   Soybean futures are narrowly mixed at midday with action continuing to hold 
just short of nearby resistance with oil gains easing. Meal is narrowly mixed 
and oil is 25 to 35 points lower. NOPA crush showed another new record, up 9 
million bushels (mb) to 225 mb. South American weather should remain a nonissue 
after good recent coverage with early harvest to expand soon. Basis will likely 
remain flat in the short term. On the March chart, resistance is the 20-day 
moving average at $10.58, with support the $10.37 3/4 fresh low from Tuesday.

WHEAT:

   Wheat futures are 7 to 11 cents higher at midday with trade pushing back 
through nearby resistance levels as choppy trade continues with positive 
spillover from corn. Weather for the Plains looks cool into the weekend with 
moisture limited in the short term. Matif wheat is firmer at midday. On the KC 
March chart, support is the 20-day moving average at $5.22, which we are just 
above, with resistance the Upper Bollinger Band at $5.40.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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