DTN Midday Grain Comments 01/03 10:49

DTN Midday Grain Comments 01/03 10:49 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 8 to 9 cents lower at midday Friday; soybean futures are 19 to 21 cents lower; wheat futures are 11 to 15 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 8 to 9 cents lower at midday Friday; soybean futures are 19 to 21 cents lower; wheat futures are 11 to 15 cents lower. The U.S. stock market is firmer at midday with the S&P 54 points higher. The U.S. Dollar Index is 30 points lower. The interest rate products are mixed. Energy trade is mixed with crude up .65 with natural gas .28 lower. Livestock trade is mixed with cattle scoring fresh highs. Precious metals are mixed with gold down 13.00. CORN: Corn futures are 8 to 9 cents lower at midday with trade fading back from the fresh highs scored Thursday with broader risk off-trade across ag contracts Friday morning. Ethanol margins look to some improvement with corn pulling back and unleaded firming. Weekly export sales were softer for the holiday week at 777,000 metric tons (mt). Basis action has remained flat in the short term. On the March chart, the 20-day moving average at $4.47 is support with the fresh high at $4.59 1/4 as resistance. SOYBEANS: Soybean futures are 19 to 21 cents lower at midday with meal leading products lower as we see long liquidation picking up after testing the top of the range Thursday as Argentina concerns ease a bit. Meal is 10.50 to 11.50 lower and oil is 40 to 50 points lower. South America weather looks to continue the recent pattern with Brazil crop progress likely to remain a limiting factor while Argentina should see some relief in the extended forecast. Weekly export sales were soft at 484,700 mt, with meal at 203,800 and oil at 38,100. Basis continues to show little change in recent days. On the March chart, trade has support at the 20-day moving average of $9.91 which we are back to testing at midday, with the Upper Bollinger Band at $10.20 the next level of resistance. WHEAT: Wheat futures are 11 to 15 cents lower at midday in broad risk-off trade with euro values coming off the highs as well. The Plains should see more winter-like conditions into January to push the last stands into dormancy with snow coverage likely for the more eastern growing areas. MATIF wheat remains near the top of the range but has reversed off the fresh high scored Thursday with further dollar easing needed to provide excitement. Weekly export sales were soft for the short week at 140,600 mt. On the KC March chart, support is the 20-day moving average at $5.53, which we are just below at midday, with the Lower Bollinger Band at $5.39 as further support. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.