DTN Midday Grain Comments 01/18 10:55

DTN Midday Grain Comments 01/18 10:55 Corn Futures Higher at Midday; Soybeans Lower; Wheat Mixed Corn trade is 1 to 2 cents higher; beans are 1 to 2 cents lower and wheat trade is 3 cents lower to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 1 to 2 cents higher at midday; beans are 1 to 2 cents lower and wheat trade is 3 cents lower to 6 cents higher. The U.S. stock market is firmer at midday with the S & P 25 points higher. The Dollar Index is 5 points higher. The interest rate products are lower. Energies have crude up 1.00 and natural gas down 0.09. Livestock trade is lower. Precious metals are firmer with gold 11.00 higher. CORN: Corn trade is 1 to 2 cents higher with light two-sided action as trade continues to grind along the lower end of the range with little fresh news and oversold conditions still in place. Ethanol margins will remain under pressure with soft driving demand and logistics issues with the poor weather short-term. The weekly report shows production down by 8,000 barrels per day and stocks surging by 1.324 million barrels with the weather issues. South American weather shows little change for the first crop corn. The daily wire was quiet today with weekly sales delayed until Friday. Basis will show short-term strength in many areas with the ongoing weather issues. On the March chart the 20-day at $4.60 is nearby resistance with the Lower Bollinger Band at $4.41 1/4 above the $4.36 3/4 fresh low as support. SOYBEANS: Soybean trade is 1 to 2 cents lower at midday with early strength fading again as product values remain under pressure and export demand remains soft with oversold conditions persisting. Meal is 1.00 to 2.00 lower and oil is 35 to 45 points lower. The daily wire remains quiet as the main U.S. window closes, with weekly sales expected to be light tomorrow. Basis is expected to remain flat on the recent trend to start the year. Weather should be a non-issue short-term for South America. The March soybean chart has resistance at the 20-day moving average at $12.77. The $12.01 fresh low is nearby support with the lower Bollinger Band below the market at 11.93. WHEAT: Wheat trade is 3 cents lower to 6 cents higher with trade continuing to press into fresh lows for KC overnight before light buying returned for KC and Minneapolis during the day session with row crop and dollar spillover continuing to limit upside. The Plains should maintain snow cover until warmer temps return next week for the most part. Matif wheat is slightly lower at midday as well after bouncing off the lows yesterday. On the KC March Chart, resistance is at the 20-day moving average at $6.23. Support is at the lower Bollinger Band at $5.94 which we fell through with the fresh low at $5.86 3/4 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.