DTN Midday Grain Comments     01/21 10:47

   Corn Futures Flat-Lower at Midday Wednesday; Soybeans Higher; Wheat Mixed

   Corn futures are flat to 1 cent lower at midday Wednesday; soybean futures 
are 14 to 15 cents higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent lower at midday Wednesday; soybean futures 
are 14 to 15 cents higher; wheat futures are narrowly mixed. The U.S. stock 
market is firmer at midday with the S&P 65 points higher. The U.S. Dollar Index 
is 4 points higher. The interest rate products are firmer. Energy trade is 
firmer with crude up .05 and natural gas is .86 higher. Livestock trade is 
lightly higher. Precious metals are mixed with gold 70.00 higher.

CORN:

   Corn futures are flat to 1 cent lower with early gains fading from the test 
of the post report highs. Ethanol margins should remain sideways short term 
with unleaded gains supporting blender with the weekly report delayed until 
Thursday. The export wire saw sales with 150,000 metric tons (mt) sold to 
Colombia, and 195,000 mt sold to unknown. Basis will likely remain flat short 
term. New-crop price ratios continue to favor corn, but is narrowing this week. 
On the March chart, support is the recent low at $4.17 with the 20-day moving 
average well above the market at $4.37.

SOYBEANS:

   Soybean futures are 14 to 15 cents higher at midday with trade pushing past 
the first level of nearby resistance with broad product strength holding. Meal 
is .50 to 1.50 higher, and oil is 130 to 140 points higher. Oil continues to 
consolidate the strong start to the year. South American weather shows little 
change and little short-term concern as early harvest running ahead of pace. 
Basis will likely remain flat in the short term. The daily wire was quiet 
today. On the March chart, resistance is the 20-day moving average at $10.58, 
which we are solidly above at midday, with support the $10.37 3/4 fresh low 
from Tuesday.

WHEAT:

   Wheat futures are narrowly mixed with early gains fading along with corn and 
little other fresh news. Weather for the Plains looks mostly seasonal to cool 
in the short term with moisture concentrated on the eastern growing areas in 
the coming winter storm. Matif wheat is weaker. On the KC March chart, support 
is the 20-day moving average at $5.24, which are just back below at midday, 
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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