DTN Midday Grain Comments 01/08 10:47

DTN Midday Grain Comments 01/08 10:47 Corn, Wheat Futures Lower at Midday; Soybeans Flat-Lower Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are flat to a penny lower; wheat futures are 5 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Wednesday; soybean futures are flat to a penny lower; wheat futures are 5 to 8 cents lower. The U.S. stock market is flat at midday with the S&P 2 points lower. The U.S. Dollar Index is 56 points higher. The interest rate products are mixed. Energy trade is mixed with crude off .80 with natural gas .15 higher. Livestock trade is mostly lower. Precious metals are firmer with gold up 17.00. CORN: Corn futures are 1 to 2 cents lower at midday with choppy action continuing just below the recent highs as we start to see position-squaring as we head toward Friday's report. The weekly ethanol report showed production off by 9,000 barrels per day with stocks rising by 500,000 barrels, keeping trade rangebound. Basis action has remained flat to softer in the short term. On the March chart, the 20-day moving average at $4.49 is support with the fresh high at $4.60 1/4 as resistance. SOYBEANS: Soybean futures are flat to a penny lower with oil leading the product complex and meal falling back through nearby support. Meal is 1.50 to 2.50 lower and oil is 15 to 25 points higher. South America weather looks to continue the recent pattern with the extended forecast potentially adding some relief for Argentina. The daily export wire saw 120,000 metric tons (mt) of soybeans sold to unknown destinations. Basis continues to show little change in recent days. On the March chart, trade has support at the 20-day moving average at $9.90, which we are just above at midday, with the Lower Bollinger Band at $9.61 the next level of support. WHEAT: Wheat futures are 5 to 8 cents lower at midday with trade staying rangebound with the stronger dollar again capping upside. The Plains are expected to moderate temperature-wise into midmonth with an overall drier short-term expectation. MATIF wheat is slightly higher so far with the dollar moving back toward the recent highs. On the KC March chart, resistance is the 20-day moving average at $5.55, which is where we have edged back below 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.