DTN Midday Grain Comments     01/17 11:00

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 8 to 9 cents higher at midday Friday; soybean futures are 
17 to 19 cents higher; wheat futures are 1 to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 8 to 9 cents higher at midday Friday; soybean futures are 
17 to 19 cents higher; wheat futures are 1 to 3 cents higher. The U.S. stock 
market is firmer with the S&P 65 points higher. The U.S. Dollar Index is 25 
points higher. The interest rate products are mixed. Energy trade is weaker 
with crude off .60 with natural gas .25 lower. Livestock trade is mostly lower. 
Precious metals are mostly lower with gold up 2.00.

CORN:

   Corn futures are 8 to 9 cents higher with fresh highs coming in again in 
broad buying across row crops Friday morning with risk-on trade into the long 
weekend. Ethanol margins will continue to struggle with corn strength as 
unleaded gains moderate again. Basis action is expected to stabilize further 
into midmonth. On the March chart, the 20-day moving average at $4.59 is 
support with the fresh high at $4.83 1/2 as resistance.

SOYBEANS:

   Soybean futures are 17 to 19 cents higher at midday with firmer spread 
action with trade snapping back sharply from the Thursday pullback. Meal is 
3.50 to 4.50 higher and oil is 30 to 40 points higher. South America weather is 
showing some relief to the drier areas in the extended forecast with early 
harvest to widen soon, but concerns linger for Argentina. Basis should 
stabilize and remain more toward flat in the near term. On the March chart, 
trade has support at the 20-day moving average at $10.05, with the fresh high 
at $10.64 the next level of resistance.

WHEAT:

   Wheat futures are 1 to 3 cents higher with row-crop support as trade 
continues to hold the range heading toward the weekend. The Plains will be 
colder in the near term but major weather threats remain limited. MATIF wheat 
is flat to higher so far with the spread premium versus U.S. narrowing a bit 
this week. On the KC March chart, support is the 20-day moving average at 
$5.51, which we are trading right at midday, with the Upper Bollinger Band at 
$5.63 as further resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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