DTN Midday Grain Comments 01/17 10:53

DTN Midday Grain Comments 01/17 10:53 Corn Futures Higher at Midday; Soybeans Lower; Wheat Mixed Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 16 to 17 cents lower; wheat futures are 1 cent lower to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are 16 to 17 cents lower; wheat futures are 1 cent lower to 9 cents higher. The U.S. stock market is weaker at midday with the S&P 25 lower. The U.S. Dollar Index is 20 points higher. The interest rate products are weaker. Energies have crude off .35 and natural gas off .01. Livestock trade is weaker. Precious metals are weaker with gold 18.00 lower. CORN: Corn futures are 1 to 2 cents higher at midday with trade firming off a fresh low scored overnight. However, trade is backing off the nickel higher action earlier in the day session as we ease oversold conditions. Ethanol margins will remain under pressure with soft driving demand and logistics issues. Poor weather is a problem and the weekly EIA report is delayed until Thursday. South American weather shows little change for the first-crop corn. Basis will show short-term strength in many areas with the ongoing weather issues. On the March chart, the 20-day moving average at $4.64 is nearby resistance; the lower Bollinger Band at $4.42 1/2 above the $4.40 3/4 fresh low is support. Trade remains deeply oversold. SOYBEANS: Soybean futures are 16 to 17 cents lower with weak product action. A general risk-off sentiment is pushing trade back to the low end of the range, after we failed to build on early week strength. Meal is $8.00 to $9.00 lower and oil is 5 to 15 points higher NOPA crush Tuesday was a record for December. Basis is expected to remain flat on the recent trend. Weather should be a nonissue in the short term for South America. The March soybean chart has resistance at the 20-day moving average at $12.77. The $12.03 fresh low is nearby support with the lower Bollinger Band below the market at 12.00. WHEAT: Wheat futures are 1 cent lower to 9 cents higher at midday. Chicago is leading action as we hold the lower end of the range. The stronger dollar and row-crop weakness keep a lid on upside. The Plains should maintain snow cover until warmer temps return next week for the most part. Matif wheat has made fresh lows but is solidly higher at midday. On the KC March chart, resistance is at the 20-day moving average at $6.28. Support is at the lower Bollinger Band at $6.01, which we tested overnight, with the fall low at $5.95 below that. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.