DTN Midday Grain Comments 01/09 10:51
9 Jan 2025
DTN Midday Grain Comments 01/09 10:51 Soybean, Wheat Futures Lower at Midday; Corn Flat-Higher Corn futures are flat to 1 cent higher at midday Thursday; soybean futures are 2 to 3 cents lower; wheat futures are 2 to 5 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent higher at midday Thursday; soybean futures are 2 to 3 cents lower; wheat futures are 2 to 5 cents lower. The U.S. stock market is closed today. The U.S. Dollar Index is 10 points higher. The interest rate products are firmer. Energy trade is firmer with crude up .90 with natural gas .11 higher. Livestock trade is sharply higher. Precious metals are firmer with gold up 17.00. CORN: Corn futures are flat to 1 cent higher at midday with rangebound trade as we head towards the combined stocks and monthly WASDE report Friday, with today's session to close at 12:15 CST for former President Carter's funeral. On the report, tomorrow trade is looking for corn carryout at 1.674 billion bushels versus 1.738 billion bushels last month, with yield edging to 182.7 BPA from 183.1 BPA last time, and stocks at 12.147 billion versus 12.171 billion last year. Ethanol margins remain rangebound. The daily wire is quiet with the government closed and weekly sales delayed until Friday with expectations to be in the 500,000 to 750,000 metric ton (mt) range. Basis action has remained flat to softer 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 2 to 3 cents lower at midday with trade pulling back to support levels again overnight before finding support with products mostly drifting lower and little other fresh news pre-report. Meal is 2.00 to 3.00 lower and oil is 20 to 30 points higher. On the report, trade is looking for domestic carryout at 459 million bushels versus 470 million bushels last month, with yield at 51.6 BPA versus 51.7 BPA, and stocks at 3.231 billion bushels versus 3.001 billion bushels last year. South America weather looks to continue the recent pattern with the extended forecast potentially adding some relief for Argentina. Weekly export sales are expected to be in the 400,000 to 700,000 metric ton (mt) range. Basis continues to show little change in recent days. On the March chart, trade has support at the 20-day at $9.90, which we are testing again this morning, with the Lower Bollinger Band at $9.61 the next level of support. WHEAT: Wheat futures are 2 to 5 cents lower at midday with rangebound action continuing overnight with the dollar strength continuing to limit upside. The Plains are expected to moderate temperature-wise into midmonth with some potential moisture for the second week for the more Western growing areas. On the report, trade is looking for carryout at 800 million bushels versus 795 million bushels last month, with stocks at 1.565 billion bushels versus 1.421 billion bushels last year. MATIF wheat is slightly lower as we continue to consolidate the recent pullback. Weekly export sales are expected to be in the 200,000 to 400,000 metric ton (mt) range. On the KC March Chart, resistance is the 20-day at $5.52, which edged back below Wednesday, 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.