DTN Midday Grain Comments     01/14 10:54

   Soybean Futures Higher at Midday Wednesday; Corn Flat-Higher; Wheat Mixed

   Corn futures are flat to 1 cent higher at midday Wednesday; soybean futures 
are 4 to 5 cents higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent higher at midday Wednesday; soybean futures 
are 4 to 5 cents higher; wheat futures are narrowly mixed. The U.S. stock 
market is weaker at midday with the S&P 60 points lower. The U.S. Dollar Index 
is 15 lower. The interest rate products are firmer. Energy trade is mixed with 
crude up .35 and natural gas is .31 lower. Livestock trade is mixed with hogs 
the upside leader. Precious metals are firmer  with gold 28.00 higher.

CORN:

   Corn futures are flat to 1 cent higher at midday with early strength fading 
a bit, but we continue to hold the post-report low. Weekly ethanol production 
was very strong at 98,000 barrels per day (bpd) better, with stocks rising by 
800,000 barrels on the week. The daily export wire saw 136,000 metric tons sold 
to South Korea. Weekly export sales Thursday are expected to be in the 400,000 
to 600,000 metric ton range. Basis will likely remain flat with good movement 
and ample supply. On the March chart, support is the fresh low at $4.17 with 
the 20-day moving average well above the market at $4.40.

SOYBEANS:

   Soybean futures are 4 to 5 cents higher at midday with oil gains slowing 
while meal holds the lower end of the range. Meal is 1.00 to 2.00 higher and 
oil is 25 to 35 points lower. South American weather should remain a nonissue 
with some better recent rain coverage. Basis will likely remain flat in the 
short term as we head toward early harvest in first-planted areas. The daily 
export wire saw sales of 334,000 metric tons to China. Weekly export sales are 
expected to be in the 750,000 to 1.0 million metric ton range Thursday. On the 
March chart, resistance is the 20-day moving average at $10.60, with support 
the $10.37 3/4 fresh low from Tuesday.

WHEAT:

   Wheat futures are narrowly mixed with action continuing to hold around 
nearby support levels with Minneapolis leading at midday. Weather for the 
Plains looks cool into the weekend with moisture limited in the short term. 
Matif wheat is weaker Wednesday. Weekly export sales are expected to be in the 
200,000 to 400,000 metric ton range. On the KC March chart, support is the 
20-day moving average at $5.21 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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