DTN Midday Grain Comments 01/24 10:46

DTN Midday Grain Comments 01/24 10:46 Corn, Beans and Wheat Trade Higher at Midday Wednesday The U.S. stock market is firmer at midday Wednesday with the S&P 30 points higher. The dollar index is 50 points lower. The interest rate products are weaker. Energies have crude up 1.00 and natural gas is .09 higher. Livestock trade is firmer. Precious metals are mixed with gold 11.00 lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday Wednesday with the S&P 30 points higher. The dollar index is 50 points lower. The interest rate products are weaker. Energies have crude up 1.00 and natural gas is .09 higher. Livestock trade is firmer. Precious metals are mixed with gold 11.00 lower. CORN: Corn trade is 4 to 5 cents higher at midday with trade challenging the $4.50 area that we've faded from the last few sessions with flat to firmer spread action and little fresh news. The weekly ethanol report showed production off by 236,000 barrels per day, with stocks 120,000 barrels higher due to cold-related production issues, with blenders seeing some improvement this week as we see driving start to rebound from the cold snap. South American weather is a bit drier for the southern growing areas short term, but major issues remain absent. The daily wire was quiet again today. Basis will likely flatten out as the weather improves. On the March chart, the 20-day at $4.57 is nearby resistance with the lower Bollinger Band at $4.34 1/4, just below the $4.36 3/4 fresh low as support. SOYBEANS: Soybean trade is 1 to 3 cents higher at midday with trade pushing to the upper end of the recent range again with firmer spread action with meal leading the product complex as oil continues to struggle to extend gains from the lows. Meal is 1.50 to 2.50 higher and oil is 20 to 30 points lower. The short-term weather pattern in South America keeps some stress to the south while the north continues to see better weather. The daily wire was quiet again today. Basis should remain flat short term. The March soybean chart has resistance at the 20-day moving average at $12.54. The $12.01 fresh low is nearby support with the lower Bollinger Band below the market at 11.84. WHEAT: Wheat trade is 3 to 8 cents higher with trade pressing into nearby resistance for KC again after testing it yesterday with spread action staying firmer with support from the dollar fading. The Plains should shed snow cover as we warm into early February with moisture possibilities on the back end. Matif wheat continues to work just off the lower end of the range with softer action this morning, with the dollar pulling back off the upper end of the range after hitting multiweek highs yesterday. On the KC March Chart, resistance is at the 20-day moving average at $6.21 which we are testing this morning. Support is at the lower Bollinger Band at $5.94 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.