DTN Midday Grain Comments 01/31 10:51

DTN Midday Grain Comments 01/31 10:51 Corn, Soybean and Wheat Lower at Midday Wednesday Corn trade is 1-2 cents lower. Beans are 7-9 cents lower and wheat trade is 7-12 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 40 points lower. The dollar index is 25 points lower. The interest rate products are firmer. Energies have crude off 1.40 and natural gas is .06 higher. Livestock trade is mostly firmer. Precious metals are firmer with gold 17.40 higher. CORN: Corn trade is 1-2 cents lower at midday with flat spread action and short covering fading after the Tuesday reversal as we wrap up January and wait for the fed statement today. The weekly ethanol report showed production up 137,000 barrels per day, with stocks off 1.545 million barrels as demand recovers from the winter slowdown. South American weather pattern remains in line with recent days and some relief is expected for the areas with recent dryness towards the end of the forecast. The daily wire was quiet again today with weekly export sales expected to be in the 700,000 to 1-million metric-ton range tomorrow. Basis will likely flatten out as the weather improves this week. On the March chart, the 20-day at $4.51 is nearby resistance with the Lower Bollinger Band at $4.34 3/4 just below the $4.36 1/2 fresh low as support. SOYBEANS: Soybean trade is 7-9 cents lower at midday after the reversal scored on Tuesday with soft product action again weighing on trade with little other fresh news. Meal is 2.00-3.00 lower and oil is 5-15 points lower. The short-term weather pattern in South America keeps some stress to the south with relief expected soon while the north continues to see better weather. The daily wire was quiet again yesterday as the prime US export season is mostly wrapped up with weekly sales expected to be in the 400,000-650,000 mt range tomorrow. Basis should remain flat short term. The March soybean chart has resistance at the 20-day moving average of $12.30. The $11.87 1/4 fresh low is nearby support with the Lower Bollinger Band below the market at 11.86. WHEAT: Wheat trade is 7-12 cents lower at midday with KC action continuing to hold the old/new crop inverse while we work to consolidate above nearby support levels with trade fading back into those areas. The Plains will see warmer than normal temps with some moisture expected this weekend. Matif wheat has scored fresh lows again with light selling continuing while the dollar fades a bit off the highs ahead of the fed statement. Weekly export sales are expected to be in the 300,000-500,000 mt range tomorrow. On the KC March Chart, support is at the 20-day moving average at $6.19 which we are testing at midday. Resistance is the recent high at $6.41. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.