DTN Midday Grain Comments 01/19 10:50

DTN Midday Grain Comments 01/19 10:50 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 2 to 3 cents higher; wheat futures are 6 to 10 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 2 to 3 cents higher; wheat futures are 6 to 10 cents higher. The U.S. stock market is firmer at midday with the S&P 25 points higher. The U.S. Dollar Index is 15 points lower. The interest rate products are weaker. Energies have crude off .10 and natural gas off .15. Livestock trade is mostly lower. Precious metals are mixed with gold 5.00 higher. CORN: Corn futures are 2 to 3 cents higher at midday with trade finding light follow-through buying off the reversal Thursday with oversold conditions starting to ease with spread action a bit firmer. Ethanol margins will remain under pressure with soft driving demand and logistics issues, but with the poor weather starting to ease consumption should find a bit more support bye the end of the month. South American weather shows little change for first-crop corn. Weekly export corn sales jumped solidly to 1.251 million metric tons (mmt). Basis will show short-term strength in many areas with the ongoing weather issues. On the March chart the 20-day moving average of $4.61 is nearby resistance with the Lower Bollinger Band at $4.38 1/4 above the $4.36 3/4 fresh low as support. SOYBEANS: Soybean futures are 2 to 3 cents higher at midday with light follow-through buying after we pulled back from early strength with oil still dragging on the product complex. Meal is .50 to 1.50 higher and oil is 75 to 85 points lower. The daily export wire finally saw some life with 276,000 metric tons (mt) sold to China. Weekly export sales were mixed with 781,300 mt of beans sold; 349,200 of meal; and 100 of oil. Basis is expected to remain flat on the recent trend. Weather should be a non-issue in the short term for South America. The March soybean chart has resistance at the 20-day moving average at $12.65. The $12.01 fresh low is nearby support with the lower Bollinger Band below the market at $11.90. WHEAT: Wheat futures are 6 to 10 cents higher at midday with trade finding light follow-through buying after the stronger finish Thursday after we bounced from fresh lows with better support from row crops and the dollar softening Friday. The Plains should maintain snow cover until warmer temps return next week for the most part. Matif wheat is slightly higher at midday. Weekly export sales were sharply higher at 707,600 mt. On the KC March chart, resistance is at the 20-day moving average at $6.23. Support is at the lower Bollinger Band at $5.97 which we tested Thursday with the fresh low at $5.86 3/4 below that. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.