DTN Midday Grain Comments 01/06 10:49

DTN Midday Grain Comments 01/06 10:49 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 8 to 9 cents higher at midday Monday; soybean futures are 9 to 10 cents higher; wheat futures are 12 to 14 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 8 to 9 cents higher at midday Monday; soybean futures are 9 to 10 cents higher; wheat futures are 12 to 14 cents higher. The U.S. stock market is firmer at midday with the S&P 76 points higher. The U.S. Dollar Index is 70 points lower. The interest rate products are mostly lower. Energy trade is mixed with crude up .05 with natural gas .31 higher. Livestock trade is mixed with cattle scoring fresh highs. Precious metals are mixed with gold down 7.00. CORN: Corn futures are 8 to 9 cents higher at midday with mixed spread action as broad buying returns to grains and we rebound from the pullback Friday to edge to a fresh high for the move on the March contract. Ethanol margins look to remain rangebound in the short term with sustained unleaded gains needed to sustain the higher production levels. Weekly export inspections were OK at 847,463 metric tons (mt) with year-to-date pace at 124% of last year. 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 $4.60 1/4 as resistance. SOYBEANS: Soybean futures are 9 to 10 cents higher at midday with trade pulling back a little from the overnight highs as we look to rebound from the Friday retreat. Meal is 1.00 to 2.00 higher and oil is 60 to 70 points higher. South America weather looks to continue the recent pattern with Brazil crop progress likely to remain a limiting factor while Argentina continues to struggle in the short term. Weekly export inspections were solid at 1.285 million metric tons (mmt) with year-to-date pace at 123% of last year. 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 bounced from overnight, with the Upper Bollinger Band at $10.20 the next level of resistance. WHEAT: Wheat futures are 12 to 14 cents higher at midday with the weaker dollar drawing short-covering back in after the poor finish to last week and keeping the range intact so far. The Plains are expected to moderate temperatures into midmonth with an overall drier short-term look after the weekend storm. MATIF wheat is pulling further off the highs with the weaker dollar after making fresh highs last week. Weekly export inspections were solid at 412,342 mt with year-to-date pace at 125%. On the KC March chart, resistance is the 20-day moving average at $5.53, which we are testing at midday, with the Lower Bollinger Band at $5.39 as further support, which is where we closed Friday. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.