DTN Midday Grain Comments 01/22 10:51

DTN Midday Grain Comments 01/22 10:51 Corn, Soybean, Wheat Futures Higher at Midday The U.S. stock market is firmer at midday Monday with the S&P 15 points higher. The dollar index is 2 points lower. The interest rate products are firmer. Energies have crude up 1.60 and natural gas off .13. Livestock trade is weaker. Precious metals are weaker with gold 5.00 lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday Monday with the S&P 15 points higher. The dollar index is 2 points lower. The interest rate products are firmer. Energies have crude up 1.60 and natural gas off .13. Livestock trade is weaker. Precious metals are weaker with gold 5.00 lower. CORN: Corn trade is flat to a penny lower at midday with light two-sided action as we look to ease oversold conditions further along with little other fresh news to drive action so far. Ethanol margins will remain under pressure with soft driving demand and logistics issues, but warmer weather should start a rebound in consumption into the end of the month with blender margins getting a bit of a boost to start the week. South American weather is a bit drier for the southern growing areas short term. The daily wire has seen sporadic life lately with nothing today, and weekly inspections were a little softer at 713,290 metric tons. Basis will likely flatten out as the weather improves. On the March chart, the 20-day at $4.60 is nearby resistance with the lower Bollinger Band at $4.37 1/4 just above the $4.36 3/4 fresh low as support. SOYBEANS: Soybean trade is 4 to 6 cents higher at midday with light two-sided trade early turning firmer into the day session with product action remaining mixed and some short-term dryness in the southern growing areas of South America along with oversold conditions still in place. Meal is $2 to $3 lower and oil is 80 to 90 points higher. The daily wire was quiet to start the week, with weekly inspections remaining rangebound at 1.161 million mt. Basis should remain flat short term. The March soybean chart has resistance at the 20-day moving average at $12.59. The $12.01 fresh low is nearby support with the lower Bollinger Band below the market at $11.85. WHEAT: Wheat trade is 1 to 4 cents higher at midday with trade consolidating at the lower end of the range after the late-week rebound with the dollar and euro values limiting upside to start the week. The Plains should shed snow cover as we warm into early February. Matif wheat tested the lows again early on before firming slightly into midday. Weekly export inspections were disappointing at 314,521 mt. On the KC March Chart, resistance is at the 20-day moving average of $6.21. Support is at the lower Bollinger Band at $5.97, which we tested last week with the fresh low at $5.86 3/4 below that. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.