DTN Midday Grain Comments 01/26 10:54

DTN Midday Grain Comments 01/26 10:54 Corn, Soybean and Wheat Lower at Midday Friday Corn trade is 4 to 6 cents lower, beans are 9 to 10 cents lower and wheat trade is 10 to 18 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 9 points higher. The dollar index is 20 points lower. The interest rate products are mixed. Energies have crude off .60 and natural gas is .08 lower. Livestock trade is firmer. Precious metals are mixed with gold .50 lower. CORN: Corn trade is 4 to 6 cents lower at midday Friday with trade fading back from the top of the recent range with risk-off action in ags this morning with fresh news otherwise lacking. Ethanol blender margins should be getting a boost from better short-term driving and firmer unleaded while corn remains in the lower end of the range and natural gas eases from the recent cold snap. South American weather pattern remains in line with recent days for the near term. The daily wire was quiet again today. Basis will likely flatten out as the weather improves with spread action holding up flat today. On the March chart, the 20-day at $4.55 is nearby resistance with the lower Bollinger Band at $4.35 3/4 just below the $4.36 3/4 fresh low as support. SOYBEANS: Soybean trade is 9 to 10 cents lower at midday with trade testing the low end of the range with meal weakness continuing while oil comes a little off the lows and we remain just short of being oversold again. Meal is $3 to $4 lower and oil is flat to 10 points higher. The short-term weather pattern in South America keeps some stress to the south while the north continues to see better weather with local Argentina harvest projections being revised higher. The daily wire saw 100,000 metric tons of meal sold to unknown today. Basis should remain flat short term. The March soybean chart has resistance at the 20-day moving average at $12.44. The $12.01 fresh low is nearby support with the lower Bollinger Band below the market at 11.87. WHEAT: Wheat trade is 10 to 18 cents lower with trade following the row crops lower at midday with KC spread action steady after we moved to an old/new crop inversion yesterday. The Plains should shed snow cover as we warm into next week with some moisture in the forecast. Matif wheat has faded back to the lower end of the range adding pressure with the dollar remaining just off the highs. On the KC March Chart, support is at the 20-day moving average at $6.21 which we are working to consolidate above. Resistance is the upper Bollinger Band at $6.46. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.