DTN Midday Grain Comments     01/23 10:50

   Corn, Soybean Futures Higher at Midday; Wheat Mixed

   Corn futures are 7 to 8 cents higher at midday Thursday; soybean futures are 
9 to 10 cents higher; wheat futures are 3 cents lower to 1 cent higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 7 to 8 cents higher at midday Thursday; soybean futures are 
9 to 10 cents higher; wheat futures are 3 cents lower to 1 cent higher. The 
U.S. stock market is mixed with the S&P 10 points higher. The U.S. Dollar Index 
is 3 points higher. The interest rate products are weaker. Energy trade is 
mixed with crude off .50 with natural gas .02 higher. Livestock trade is mostly 
higher with cattle leading again. Precious metals are mixed with gold down 
14.50.

CORN:

   Corn futures are 7 to 8 cents higher at midday with flat to firm spread 
action as front-month trade again scores fresh highs as we continue to get more 
overbought. Ethanol margins continue to narrow with corn strength and unleaded 
weakness for now. Weekly export sales are delayed until Friday with 
expectations of 700,000 to 900,000 metric tons (mt). Basis action will likely 
return to a lower drift if futures strength holds with good movement into the 
hands of the commercials. On the March chart, the 20-day moving average at 
$4.66 is support with the fresh high at $4.92 3/4 as resistance.

SOYBEANS:

   Soybean futures are 8 to 11 cents higher with products firming as trade 
works back toward the upper end of the range after early weakness. Meal is 1.50 
to 2.50 higher and oil is 30 to 40 points higher. South America weather remains 
in the recent pattern with eventual relief for Argentina expected later in the 
month with early harvest set to expand soon in Brazil. Weekly export sales are 
expected to be in the 500,000 to 800,000 mt range Friday. Basis should 
stabilize and remain more toward flat near term. On the March chart, trade has 
support at the 20-day moving average at $10.18, with the fresh high at $10.73 
1/2 the next level of resistance.

WHEAT:

   Wheat futures are 3 cents lower to 1 cent higher with trade holding near the 
upper end of the recent range but the dollar stabilizing has limited further 
momentum with row-crop spillover more limited Thursday. The Plains are expected 
to be mostly warmer and drier into the end of the month. MATIF wheat is flat 
this morning as well with little change to Black Sea weather in the short term. 
Weekly export sales are expected to be in the 300,000 to 500,000 mt. On the KC 
March chart, support is the 20-day moving average at $5.55, which we snapped 
back above Wednesday, with the Upper Bollinger Band at $5.76 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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