DTN Midday Grain Comments 01/30 10:49

DTN Midday Grain Comments 01/30 10:49 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 15 to 17 cents lower; wheat futures are 5 to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 15 to 17 cents lower; wheat futures are 5 to 7 cents higher. The U.S. stock market is mixed with the S&P 9 points higher. The U.S. Dollar Index is 16 points lower. The interest rate products are firmer. Energy trade is mixed with crude .60 higher with natural gas .06 lower. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up 53.00. CORN: Corn futures are 4 to 5 cents lower at midday with trade fading back from the fresh highs scored Wednesday with overbought conditions in place and fresh bullish news likely needed to extend the range. Ethanol margins remain rangebound with unleaded holding recent gains but not extending. Weekly export sales remained solid at 1.359 million metric tons (mmt). Basis action is expected to remain soft with commercials sitting on large nearby inventories. On the March chart, the 20-day moving average at $4.75 is support with the fresh high at $4.97 1/2 as resistance. SOYBEANS: Soybean futures are 15 to 17 cents lower at midday with trade fading back from the Wednesday gains with broad product weakness and little other fresh news as we settle back into the middle of the recent range. Meal is 5.00 to 6.00 lower and oil is 10 to 20 points lower. South America weather continues to keep some issues in place with Argentina as Brazil harvest continues to expand into February. Weekly export sales were soft at 438,000 metric tons (mt) of soybeans; but products were better at 410,300 mt of meal, and 12,500 of oil. 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 of $10.33, with the recent high at $10.73 1/2 the next level of resistance. WHEAT: Wheat futures are 5 to 7 cents higher at midday with trade scoring fresh highs for the move as world weather concerns and spread unwinding versus corn keeps buyers interested. The Plains are expected to be mostly warmer with some rains starting Thursday for the eastern growing areas. MATIF wheat is holding gains as well with the dollar rebound potentially slowing further gains. Weekly sales were strong at 456,100 mt. On the KC March chart, support is the 20-day moving average at $5.57 with the Upper Bollinger Band at $5.76 as resistance, which we are above at midday, then the $6.00 area. David Fiala can be reached at [email protected] Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.