DTN Midday Grain Comments 01/07 10:52

DTN Midday Grain Comments 01/07 10:52 Corn, Soybean Futures are Lower at Midday; Wheat Higher Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are 6 to 7 cents lower; wheat futures are 2 to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are 6 to 7 cents lower; wheat futures are 2 to 5 cents higher. The U.S. stock market is weaker at midday with the S&P 28 points lower. The U.S. Dollar Index is 16 points higher. The interest rate products are lower. Energy trade is mixed with crude up .80 with natural gas .12 lower. Livestock trade is mixed with cattle scoring fresh highs. Precious metals are firmer with gold up 19.00. CORN: Corn futures are 2 to 3 cents lower at midday with trade again pulling back from the upper end of the range with weakness in soybeans weighing on trade. Ethanol margins look to stay rangebound with the rally in unleaded struggling to extend further and blender and producer margins still tight. The daily export wire saw 110,000 metric tons (mt) of corn sold to Colombia. Basis action has remained flat in the short term. On the March chart, the 20-day moving average at $4.48 is support with the fresh high at $4.60 1/4 as resistance. SOYBEANS: Soybean futures are 6 to 7 cents lower at midday with trade trying to bounce off nearby support and meal values falling into support while oil extends recent gains. Meal is 5.50 to 6.50 lower and oil is 80 to 90 points higher. South America weather looks to continue the recent pattern with Brazil progress overshadowing Argentina issues. 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 are just above at midday, with the Lower Bollinger Band at $9.61 the next level of support. WHEAT: Wheat futures are 2 to 5 cents higher with trade working to hold onto nearby support with the row-crop weakness spilling over to limit upside. The Plains are expected to moderate temperature-wise into midmonth with an overall drier short-term look after the weekend storm. MATIF wheat is slightly lower as it pulls back from the recent highs with the dollar staying well away from the recent highs. On the KC March chart, resistance is the 20-day moving average at $5.54, which is where we are trading just above at midday, with the Lower Bollinger Band at $5.39 as further support, which is where we closed on 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.