DTN Midday Grain Comments 01/26 10:50

DTN Midday Grain Comments 01/26 10:50 Corn, Soybeans and Wheat Higher Midday Thursday Corn trade is 7 to 8 cents higher; beans are 15 to 17 cents higher, and wheat trade is 12 to 20 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 7 to 8 cents higher; beans are 15 to 17 cents higher, and wheat trade is 12 to 20 cents higher. The U.S. stock market is flat with the Dow off 10 points. The Dollar Index is 50 points higher. Interest rate products are weaker. Energies are mixed with crude up 0.85 and natural gas off 0.30. Livestock trade is mixed. Precious metals are mixed with gold off 20.00. CORN: Corn trade is 7 to 8 cents higher at midday with firmer spread action as we continue to work back past $6.80 up front with little other fresh news. Ethanol margins will need blender margins to stay solid to hold demand and production at recent levels with sinking natural gas adding support. Crop development will continue to be watched as Argentina should show short term improvement. The daily export wire was quiet today with weekly sales improved at 910,400 metric tons (mt) old crop, and 15,500 mt new. Basis has stabilized in the west with above average action holding up overall. On the March chart, support is at the $6.69 20-day moving average with the upper Bollinger Band at $6.92 the next round up, which we have faded from last week with a fresh high for the move being scored at $6.88 3/4. SOYBEANS: Soybeans are 15 to 17 cents higher at midday with trade pressing back past $15.00 as we digest South American progress and expect better short-term demand. Meal is 7.50 to 8.50 higher, and oil is 25 to 35 points higher. The daily export wire showed 106,000 mt to China for new crop with a better sales pace still needed for excitement with weekly sales improved at 1.15 million metric tons (mmt) of old beans, 129,000 of new, 303,900 of old meal, 30,000 of new, and 2,200 of oil. South American weather looks better for the most part short term with harvest to keep moving forward in Brazil. Basis remains mostly sideways near term. March chart resistance is at the $15.04 20-day which we are just above at midday, with the Lower Bollinger Band at $14.65 the next level of support. WHEAT: Wheat trade is 12 to 20 cents higher with KC trade leading again as trade presses into resistance for the second session in a row as we continue to recover from Monday's washout with midday action just off the day highs with firm spread action. The southern plains should show improvement over the next couple of weeks with better snow cover, while Europe and the Black Sea see mixed weather as we move deeper into winter along with the ongoing political questions. Matif wheat values continue to struggle with US values limiting export potential short term but are firmer this morning as well. Weekly export sales were strong at 500,400 metric tons old, and 61,000 of new. On the chart, KC March has resistance at the 20-day moving average at $8.44 which are solidly above at midday, with the recent low at $8.03 as support with the lower Bollinger band also at $8.06 which we held on Monday. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.