DTN Midday Grain Comments 01/25 10:47

DTN Midday Grain Comments 01/25 10:47 Corn, Soybean Futures Lower at Midday; Wheat Flat-Higher Corn futures are 3 to 5 cents lower at midday Thursday; soybean futures are 20 to 23 cents lower; wheat futures are flat to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 5 cents lower at midday Thursday; soybean futures are 20 to 23 cents lower; wheat futures are flat to 4 cents higher. The U.S. stock market is firmer at midday with the S&P 25 points higher. The U.S. Dollar Index is 35 points higher. The interest rate products are firmer. Energies have crude up 1.00 and natural gas is .06 lower. Livestock trade is firmer. Precious metals are mixed with gold 2.00 higher. CORN: Corn futures are 3 to 5 cents lower at midday with spread action firmer but spillover pressure from the soybeans picking up during the day session with little other fresh news. Ethanol blender margins should be getting a boost from better short-term driving demand and firmer unleaded, while corn remains in the lower end of the range and natural gas eases. South American weather pattern remains in line with recent days for the near term. Weekly export sales of corn were solid at 954,800 metric tons (mt) of old crop and 37,600 mt of new. Basis will likely flatten out as weather improves. On the March chart, the 20-day moving average at $4.55 is nearby resistance with the Lower Bollinger Band at $4.35 1/4 just below the $4.36 3/4 fresh low as support. SOYBEANS: Soybean futures are 20 to 23 cents lower with flat overnight action giving way to day session selling as product values collapse back to the lower end of the range. Meal is $4.50 to $5.50 lower and oil is 95 to 115 points lower. The short-term weather pattern in South America keeps some stress to the south while the north continues to see better weather. Weekly export sales of soybeans were in line with expectations at 560,900 mt, 255,900 of meal, and 100 of oil. Basis should remain flat in the short term. The March soybean chart has resistance at the 20-day moving average at $12.50. The $12.01 fresh low is nearby support with the lower Bollinger Band below the market at $11.87. WHEAT: Wheat futures are flat to 4 cents higher at midday with KC action leading with notable spread strength as old to new crop moves to a slight inverse as we work to consolidate above resistance. The Plains should shed snow cover as we warm into early February with OK moisture possibilities still in place on the back end. Matif wheat continues to work just off the lower end of the range with slightly firmer action at midday, with the dollar pulling back off the upper end of the range after hitting multi-week highs Wednesday. Weekly export inspections were in line with expectations at 451,400 mt. On the KC March chart, resistance is at the 20-day moving average at $6.21, which we are working to consolidate above. Support is at the lower Bollinger Band at $5.94 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.