DTN Midday Grain Comments 01/23 11:06

DTN Midday Grain Comments 01/23 11:06 Corn Futures Steady to Lower at Midday; Soybeans Higher; Wheat Steady to Higher Corn futures are flat to 2 cents lower; soybeans are 4 to 6 cents higher and wheat trade is flat to 8 cents higher. The U.S. stock market is weaker at midday with the S&P 5 points lower. The U.S. Dollar Index is 40 points higher. The interest rate products are weaker. Energies have crude up 0.20 and natural gas is narrowly mixed. Livestock trade is firmer. Precious metals are firmer with gold 3.00 higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday with the S&P 5 points lower. The U.S. Dollar Index is 40 points higher. The interest rate products are weaker. Energies have crude up 0.20 and natural gas is narrowly mixed. Livestock trade is firmer. Precious metals are firmer with gold 3.00 higher. CORN: Corn futures are flat to 2 cents lower at midday. Early strength is fading as positive spillover from outside markets eased and other fresh news to encourage buyers remains lacking. Ethanol margins should hold light improvements as demand should rebound further as weather improves. South American weather is a bit drier for the southern growing areas short-term but major issues remain absent. Basis will likely flatten out as weather improves. On the March chart the 20-day moving average at $4.59 is nearby resistance with the Lower Bollinger Band at $4.35 1/4 just below the $4.36 3/4 fresh low as support. SOYBEANS: Soybean futures are 4 to 6 cents higher at midday with oversold conditions continuing to ease as the southern South American grown areas trend drier short-term and product action improves with soymeal showing life. Soybean meal is 3.50 to 4.50 higher and oil is narrowly mixed. Basis should remain flat short-term. The March soybean chart has resistance at the 20-day moving average at $12.57. The $12.01 fresh low is nearby support with the lower Bollinger Band below the market at 11.83. WHEAT: Wheat futures are flat to 8 cents higher at midday. Trade is continuing to chop along the lower end of the range with the dollar still limiting upside at the upper end of the range. Trade is fading back from early 16-17 cent higher action with spread action strong for KC trade. The Plains should shed snow cover as we warm into early February. Matif wheat continues to work just off the lower end of the range. On the KC March Chart, resistance is at the 20-day moving average at $6.21 which we tested briefly Tuesday morning. Support is at the lower Bollinger Band at $5.93 which we tested last week 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.