DTN Midday Grain Comments 01/30 10:59

DTN Midday Grain Comments 01/30 10:59 Corn, Beans & Wheat Higher at Midday Corn trade is flat to 1 cent higher; beans are 18 to 20 cents higher, and wheat trade is 4 to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is flat to 1 cent higher; beans are 18 to 20 cents higher, and wheat trade is 4 to 8 cents higher. The U.S. stock market is weaker with the Dow down 45 points. The dollar index is 10 points higher. Interest rate products are lower. Energies are weaker with crude down 0.05 and natural gas off 0.07. Livestock trade is firmer. Precious metals are mixed with gold off 5.00. CORN: Corn trade is flat to 1 cent higher at midday to open the week with spread action flat to lower as we press back into resistance at the upper end before fading a bit with mixed progress in South America and nearby demand holding up well. 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 with mixed Argentina rains. The daily export wire will need to continue as weekly inspections were a bit soft at 20.8 million bushels (527,932 mt). Basis has stabilized in the west with cash bids 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 18 to 20 cents higher at midday with mixed Argentina action and rains slowing some of the early harvest in Brazil adding support along with nearby demand holding up well. Meal is 9.00 to 10.00 higher and oil is 70 to 80 points higher. The daily export wire was quiet to start the week after better action overall with weekly inspections improved at 1.855 million metric tons. South American weather should help stabilize the Argentina crop with Brazil has pace to lag a little bit. Basis remains mostly sideways near term. March chart support is at the $15.05 20-day which we closed just above, with the Upper Bollinger Band at $15.41 the next level of resistance which we are a dime away from overnight. WHEAT: Wheat trade is 4 to 8 cents higher at midday with KC action leading again with flat to firm spread action. Trade is pressing into the higher end of the recent range as we continue to ease oversold conditions with little fresh news overall. The Southern Plains should show some improvement. Europe and the Black Sea see mixed weather as we move deeper into winter along with the ongoing political questions. Matif wheat values are a bit firmer today as well. Weekly export inspections improved at 445,443 metric tons. On the chart, KC March has support at the 20-day moving average at $8.44 which are solidly above, with the recent high at $8.95 as resistance with the Upper Bollinger Band at $8.85 which we are just below overnight. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.