DTN Midday Grain Comments 01/10 10:50

DTN Midday Grain Comments 01/10 10:50 Corn Futures Higher at Midday; Soybeans Lower; Wheat Mixed Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 5 to 6 cents lower; wheat futures are narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 5 to 6 cents lower; wheat futures are narrowly mixed. The U.S. stock market is firmer at midday with the S&P 10 points higher. The U.S. Dollar index is 15 points lower. The interest rate products are mixed. Energies have crude off .10 and natural gas off .12. Livestock trade is mixed. Precious metals are weaker with gold .60 lower. CORN: Corn futures are 1 to 2 cents higher at midday with two-sided action so far and light buying returning after early-session weakness as trade works to ease oversold conditions. The weekly ethanol report showed production rebounding by 13,000 barrels, and stocks rose by 792,000 barrels, keeping the pressure on margins. Basis looks to stay fairly steady in the short term. South American weather remains mostly favorable for first-crop corn. On the March chart the 20-day at $4.71 is nearby resistance, which we faded from last week with the Lower Bollinger Band at $4.54 1/2 chart support just above the $4.51 3/4 fresh low. SOYBEANS: Soybean futures are 5 to 6 cents lower with product action remaining soft and little other fresh news at the moment with trade still struggling to sustain short-covering to ease oversold conditions. Meal is 1.50 to 2.50 lower and oil is narrowly mixed. 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 in the near term. The March soybean chart has resistance at the recent gap at $12.92. The $12.34 fresh low is nearby support with the lower Bollinger Band just below the market at $12.35. WHEAT: Wheat futures are narrowly mixed with trade continuing to grind just below nearby resistance after the Tuesday rebound with row-crop spillover mixed. The Plains should maintain snow cover ahead of the deeper cold snap. World weather issues look limited as well with warmer weather in the Black Sea area and Southern Hemisphere harvest winding down. Matif wheat is a bit firmer at midday. On the KC March Chart, resistance is at the 20-day moving average at $6.32 1/2. Support is at the lower Bollinger Band at $6.12, which we tested Monday. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.