DTN Midday Grain Comments 01/27 10:43

DTN Midday Grain Comments 01/27 10:43 Corn Up, Beans Down Midday Friday Corn trade is 1 to 2 cents higher; beans are 1 to 2 cents lower, and wheat trade is flat to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 1 to 2 cents higher; beans are 1 to 2 cents lower, and wheat trade is flat to 7 cents higher. The U.S. stock market is flat with the Dow off 10 points. The U.S. Dollar Index is 0.20 higher. Interest rate products are weaker. Energies are weaker with crude off $0.80 and natural gas off $0.08. Livestock trade is firmer. Precious metals are mixed with gold up $1.00. CORN: Corn trade is 1 to 2 cents higher at midday Friday with steady to firmer spread action as we edge back toward the top of the recent range. 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 with the extended forecast being watched again and some rains overnight. The daily export wire was quiet Friday after some action this week. 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, which we have faded from last week with a fresh high for the move being scored at $6.88 3/4. SOYBEANS: Soybeans are 1 to 2 cents lower at midday with light selling and slightly softer spread action as trade continues to chop around the upper end of the range with product action mixed. Meal is $1.00 to $2.00 higher and oil is 0.25 cent to 0.35 cent lower. The daily export wire was quiet to close the week after better action overall. 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 support is at the $15.05 20-day which we are moved back above Thursday, with the upper Bollinger Band at $15.41 the next level of resistance. WHEAT: Wheat trade is flat to 7 cents higher with KC the leader again as trade bounces back from overnight weakness to push toward this month's highs to close the week. Matif wheat values are pulling back from the recent highs which should limit upside. On the chart, KC March has support at the 20-day moving average at $8.43, which are solidly above overnight, with the recent high at $8.70 as resistance then the upper Bollinger Band at $8.80. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.