DTN Midday Grain Comments 01/31 10:55

DTN Midday Grain Comments 01/31 10:55 Corn, Wheat Futures Lower at Midday; Soybeans Higher Corn futures are 4 to 5 cents lower at midday Friday; soybean futures are 4 to 5 cents higher; wheat futures are 3 to 7 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower at midday Friday; soybean futures are 4 to 5 cents higher; wheat futures are 3 to 7 cents lower. The U.S. stock market is firmer with the S&P 42 points higher. The U.S. Dollar Index is 38 points higher. The interest rate products are weaker. Energy trade is firmer with crude .10 higher with natural gas .01 higher. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up 4.00. CORN: Corn futures are 4 to 5 cents lower at midday with trade recovering from the overnight lows seen after the initial confirmation of tariffs with flat to weaker spread action as we ease overbought conditions. Ethanol margins are expected to see further pressure on concerns over exports to Canada with reports of a plant being idled in Minnesota. Basis action is expected to remain soft into February with the overall weaker move stabilizing. On the March chart, the 20-day moving average at $4.76 is support with the fresh high at $4.97 1/2 as resistance. SOYBEANS: Soybean futures are 4 to 5 cents higher with trade firming back from the overnight weakness with oil leading the product complex with overall rangebound action continuing into the end of the month. Meal is 3.50 to 4.50 lower and oil is 165 to 175 points higher. South America weather continues the recent pattern with Brazil harvest to continue expansion. 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 $10.33, which we bounced from overnight, with the recent high at $10.73 1/2 the next level of resistance. WHEAT: Wheat futures are 3 to 7 cents lower at midday with trade rebounding sharply from the early lows to consolidate further at the upper end of the range. The Plains are expected to be mostly warmer with some rains for the eastern growing areas Thursday into Friday. MATIF wheat has slipped off the midweek strength as well but is holding well. On the KC March chart, support is the 20-day moving average at $5.61 with the Upper Bollinger Band at $5.85, that we have faded back from Friday morning. David Fiala can be reached at [email protected] Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.