DTN Midday Grain Comments     01/08 10:48

   Soybean Futures Lower at Midday Thursday; Wheat Higher; Corn Flat-Higher

   Corn futures are flat to 1 cent higher at midday Thursday; soybean futures 
are 3 to 4 cents lower; wheat futures are 1 to 3 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent higher at midday Thursday; soybean futures 
are 3 to 4 cents lower; wheat futures are 1 to 3 cents higher. The U.S. stock 
market is mixed at midday with the S&P 5 points lower. The U.S. Dollar index is 
20 higher. The interest rate products are weaker. Energy trade is mixed with 
crude up 1.00 and natural gas is .11 lower. Livestock trade is mixed with hogs 
leading. Precious metals are weaker with gold down 1.00.

CORN:

   Corn futures are flat to a penny higher in quiet midday trade with action 
holding just above nearby support. Ethanol margins should remain stable with 
inventories likely to rise further now that we are post-holiday travel. Weekly 
export sales soft at 377,600 metric tons (mt). Basis remains in a sideways 
trend short term. On the March chart support is the 20-day moving average at 
$4.44, which we closed just above Wednesday with the Upper Bollinger Band at 
$4.51 as resistance.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower at midday with trade mostly holding 
the Wednesday rebound with product action turning sideways after the recent 
strength. Meal is flat to 1.00 higher and oil is 15 to 25 points lower. South 
American weather looks to remain mostly good with some pockets of short-term 
dryness hanging on with a wetter forecast into midmonth. Basis will likely 
remain flat in the short term. The daily export wire saw 132,000 mt sold to 
China with weekly sales mediocre at 877,900 mt of beans; 158,100 of meal; and 
24,900 of oil. On the March chart, resistance is the 20-day moving average at 
$10.69, with support the $10.38 recent low.

WHEAT:

   Wheat futures are 1 to 3 cents higher at midday with trade holding the 
Wednesday gains as it looks to consolidate further above nearby support. 
Weather for the Plains looks generally warm this week before cooling with the 
eastern Plains having the best shot at moisture the next few days. Matif wheat 
is slightly higher at midday. Weekly export sales were soft at 118,700 mt. On 
the KC March chart, support is the 20-day moving average at $5.21 with 
resistance the Upper Bollinger Band at $5.37.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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