DTN Midday Grain Comments 01/03 10:48

DTN Midday Grain Comments 01/03 10:48 Corn and Wheat Lower, Beans Higher at Midday Wednesday Corn trade is 1 to 2 cents lower, beans are 2 to 3 cents higher and wheat trade is 7 to 13 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday Wednesday with the S&P 30 points lower. The dollar index is 33 points higher. The interest rate products are weaker. Energies have crude up 2.20 and natural gas up .12. Livestock trade is mostly lower. Precious metals are weaker with gold 30.00 lower. CORN: Corn trade is 1 to 2 cents lower at midday with trade chopping along the low end of the range with spread action remaining flat to weaker. Ethanol margins are seeing pressure despite weaker corn with near-term driving demand soft with some unleaded gains for blenders this morning. Basis looks to stay fairly steady starting the year. South American weather remains mostly favorable for the first crop corn. The daily wire has been quiet in recent days as we return from the holidays. On the March chart, the 20-day at $4.77 is nearby resistance which we faded from last week with the lower Bollinger band at $4.63 chart support just above the $4.61 1/4 fresh low. SOYBEANS: Soybean trade is 2 to 3 cents higher at midday trade after the broad selling starts the year after rains fell in the drier areas of Brazil and product values try to find some footing. Meal is narrowly mixed and oil is 25 to 35 points higher. The daily wire remains quiet as we wait for further demand developments into spring. Basis is expected to remain flat on the recent trend to start the year. The March soybean chart has resistance at the fresh gap at 12.92. The $12.67 3/4 fresh low is nearby support with the lower Bollinger band solidly above the market at 12.78. WHEAT: Wheat trade is 7 to 13 cents lower at midday with trade back towards nearby support levels. The stronger dollar and weak row crop action provided head winds with spread action favoring Chicago after KC led yesterday. The Plains could see additional moisture about five to six days out with placement of snow still uncertain. World weather issues look limited as well with Southern Hemisphere harvest ongoing. Matif wheat is seeing a bit of selling pressure as well this morning. On the KC March Chart, resistance is at the 20-day moving average at $6.40 1/2. Support is at the lower Bollinger band at $6.15. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.