DTN Midday Grain Comments     01/02 11:03

   Corn Futures Narrowly Mixed at Midday; Soybeans Flat-Lower; Wheat Lower

   Corn futures are narrowly mixed at midday Thursday; soybean futures are flat 
to 2 cents lower; wheat futures are is 4 to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Thursday; soybean futures are flat 
to 2 cents lower; wheat futures are is 4 to 6 cents lower. The U.S. stock 
market is firmer at midday with the S&P 20 points higher. The U.S. Dollar Index 
is 90 points higher. The interest rate products are mixed. Energy trade is 
firmer with crude up 1.80 with natural gas .22 lower. Livestock trade is mixed 
with cattle scoring fresh highs. Precious metals are mixed with gold up 30.00.

CORN:

   Corn futures are narrowly mixed to start the year with trade continuing to 
consolidate in the upper end of the range. Ethanol margins should see support 
from the unleaded gains with the weekly report showing production at 4,000 
barrels per day (bpd) higher, while stocks rose by 600,000 barrels. Weekly 
export sales are delayed until Friday with expectations of sales at 500,000 to 
700,000 metric tons (mt). Basis action has remained flat in the short term. On 
the March chart, the 20-day moving average at $4.44 is support with the fresh 
high at $4.59 1/4 as resistance.

SOYBEANS:

   Soybean futures are flat to 2 cents lower at midday with two-sided trade so 
far Thursday with oil trying to take the lead in the product complex. Meal is 
1.00 to 2.00 higher and oil is 30 to 40 points higher. South America weather is 
continuing the recent pattern with Brazil seeing better moisture while 
Argentina seeing dryness continue for many. Weekly export sales are expected to 
be in the 300,000 to 500,000 mt range. Basis continues to show little change in 
recent days. On the March chart, trade has support at the 20-day moving average 
at $9.89, which we closed through Tuesday, with the Upper Bollinger Band at 
$10.16 the next level of resistance.

WHEAT:

   Wheat futures are 4 to 6 cents lower with the strong dollar and rising euro 
values continuing to battle after we edged through the nearby resistance 
earlier in the week. The Plains should see more winter-like conditions into 
January to push the last stands into dormancy. The Black Sea area continues to 
be quiet in the near term as far as fresh market moving news goes. MATIF wheat 
has pushed to fresh highs for the move with the spreads versus the U.S. still 
elevated and the dollar strength still limiting upside. On the KC March chart, 
support is the 20-day moving average at $5.53, which we are testing at midday, 
with the Upper Bollinger Band at $5.68 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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