DTN Midday Grain Comments 01/27 10:51

DTN Midday Grain Comments 01/27 10:51 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 7 to 8 cents lower at midday Monday; soybean futures are 10 to 12 cents lower; wheat futures are 8 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 7 to 8 cents lower at midday Monday; soybean futures are 10 to 12 cents lower; wheat futures are 8 to 11 cents lower. The U.S. stock market is weaker with the S&P 115 points lower. The U.S. Dollar Index is 18 points lower. The interest rate products are firmer. Energy trade is weaker with crude off 1.30 with natural gas .35 lower. Livestock trade is mostly higher. Precious metals are weaker with gold off 37.00. CORN: Corn futures are 7 to 8 cents lower at midday in broad, risk-off action as we fade a little further from the upper end of the range. Ethanol margins should remain stable in the short term with corn and unleaded fading, but will need spring driving season to see marked improvement. The daily export wire saw 139,000 metric tons (mt) sold to Mexico. Weekly export inspections were solid at 1.247 million metric tons (mmt), which keeps the year-to-date pace at 131%. Basis action continues to wobble as bushels moved into users' hands with the recent futures rally. On the March chart, the 20-day moving average at $4.69 is support with the fresh high at $4.92 3/4 as resistance. SOYBEANS: Soybean futures saw a small gap lower again on the open with trade 10 to 12 cents lower so far with broad product weakness. Meal is 5.00 to 6.00 lower and oil is 35 to 45 points lower. South America weather continues to keep short improvements coming for the dry areas with Brazil harvest continuing to expand. Weekly export inspections were softer at 729,362 mt with year-to-date pace at 119%. Basis should stabilize and remain more toward flat in the near term. On the March chart, trade has support at the 20-day moving average at $10.24, with the fresh high at $10.73 1/2 the next level of resistance. WHEAT: Wheat futures are 8 to 11 cents lower at midday following the lead of the row crops with overall rangebound action holding with the dollar firming off the low helping to push broader selling Monday morning. The Plains are expected to be mostly warmer and drier into the end of the month. MATIF wheat is lower to start the week with action back on the lower end of the recent range there. Weekly export inspections were solid at 484,544 mt with year-to-date pace at 125%. On the KC March chart, support is the 20-day moving average at $5.56, which we are below at midday, with the Upper Bollinger Band at $5.76 as resistance. David Fiala can be reached at [email protected] Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.