DTN Midday Grain Comments 01/02 11:03

DTN Midday Grain Comments 01/02 11:03 Corn Futures Narrowly Mixed at Midday; Soybeans Flat-Lower; Wheat Lower Corn futures are narrowly mixed at midday Thursday; soybean futures are flat to 2 cents lower; wheat futures are is 4 to 6 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Thursday; soybean futures are flat to 2 cents lower; wheat futures are is 4 to 6 cents lower. The U.S. stock market is firmer at midday with the S&P 20 points higher. The U.S. Dollar Index is 90 points higher. The interest rate products are mixed. Energy trade is firmer with crude up 1.80 with natural gas .22 lower. Livestock trade is mixed with cattle scoring fresh highs. Precious metals are mixed with gold up 30.00. CORN: Corn futures are narrowly mixed to start the year with trade continuing to consolidate in the upper end of the range. Ethanol margins should see support from the unleaded gains with the weekly report showing production at 4,000 barrels per day (bpd) higher, while stocks rose by 600,000 barrels. Weekly export sales are delayed until Friday with expectations of sales at 500,000 to 700,000 metric tons (mt). Basis action has remained flat in the short term. On the March chart, the 20-day moving average at $4.44 is support with the fresh high at $4.59 1/4 as resistance. SOYBEANS: Soybean futures are flat to 2 cents lower at midday with two-sided trade so far Thursday with oil trying to take the lead in the product complex. Meal is 1.00 to 2.00 higher and oil is 30 to 40 points higher. South America weather is continuing the recent pattern with Brazil seeing better moisture while Argentina seeing dryness continue for many. Weekly export sales are expected to be in the 300,000 to 500,000 mt range. Basis continues to show little change in recent days. On the March chart, trade has support at the 20-day moving average at $9.89, which we closed through Tuesday, with the Upper Bollinger Band at $10.16 the next level of resistance. WHEAT: Wheat futures are 4 to 6 cents lower with the strong dollar and rising euro values continuing to battle after we edged through the nearby resistance earlier in the week. The Plains should see more winter-like conditions into January to push the last stands into dormancy. The Black Sea area continues to be quiet in the near term as far as fresh market moving news goes. MATIF wheat has pushed to fresh highs for the move with the spreads versus the U.S. still elevated and the dollar strength still limiting upside. On the KC March chart, support is the 20-day moving average at $5.53, which we are testing at midday, with the Upper Bollinger Band at $5.68 as resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.