DTN Midday Grain Comments 01/04 10:50

DTN Midday Grain Comments 01/04 10:50 Corn and Wheat Higher, Beans Lower at Midday Thursday Corn trade is 1 to 2 cents higher, beans are 9 to 10 cents lower and wheat trade is 1 to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 20 points higher. The dollar index is 20 points lower. The interest rate products are weaker. Energies have crude down 1.05 and natural gas up .10. Livestock trade is mixed. Precious metals are mixed with gold 10.00 higher. CORN: Corn trade is 1 to 2 cents higher in quiet midday trade as we continue to hang just above the recent lows with little fresh news. Ethanol margins have struggled a bit with softer driving demand. Production is expected to ease on the weekly report showing production off by 58,000 barrels per day with stocks up by 62,000 barrels. Basis looks to stay fairly steady to start 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 with weekly sales delayed until Friday. 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 $4.62 chart support just above the $4.61 1/4 fresh low. SOYBEANS: Soybean trade is 9 to 10 cents lower at midday with product action remaining soft as we consolidate in the lower end of the range with Brazil production expected to continue stabilizing with the current weather pattern. Meal is 2.00 to 3.00 lower and oil is 40 to 50 points lower. 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. Better weather looks to continue for the drier areas of the South America short term. The March soybean chart has resistance at the fresh gap at 12.92. The $12.65 fresh low is nearby support with the lower Bollinger Band just above the market at 12.70. WHEAT: Wheat trade is 1 to 4 cents higher with trade back towards nearby support levels before firming a bit during the day session as the dollar relaxes a bit after the strong start to the week. The Plains could see additional moisture about four to five days out with placement of snow still uncertain. World weather issues look limited as well with Southern Hemisphere harvest heading to the homestretch. Matif wheat is seeing a bit of a rebound off the lows as well. 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 $6.10 which we held overnight. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.