DTN Midday Grain Comments 01/13 11:03

DTN Midday Grain Comments 01/13 11:03 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 5 to 6 cents higher at midday Monday; soybean futures are 16 to 17 cents higher; wheat futures are 4 to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents higher at midday Monday; soybean futures are 16 to 17 cents higher; wheat futures are 4 to 9 cents higher. The U.S. stock market is mixed with the S&P down 33 points. The U.S. Dollar Index is 30 points higher. The interest rate products are weaker. Energy trade is firmer with crude up 2.00 with natural gas .02 higher. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off 30.00. CORN: Corn futures are 5 to 6 cents higher at midday with trade extending the post-report gains to start the week, scoring fresh highs for the move again. On the report, corn yield came in a 179.3 bushels per acre (bpa) versus 182.7 bpa expected; carryout was 1.540 billion bushels (bb) versus 1.738 bb expected; stocks were at 12.074 bb versus 12.147 bb expected. Ethanol margins are getting support from unleaded firming, but corn gains continue to limit upside. Weekly export inspections were strong at 1.441 million metric tons (mmt), with year-to-date pace at 126% of last year. Basis action has remained flat to softer in the short term. On the March chart, the 20-day moving average at $4.52 is support with the fresh high at $4.77 as resistance. SOYBEANS: Soybean futures are 16 to 17 cents higher at midday with trade just off the highs of the day. Meal is helping lead the product complex as we work to consolidate post-report gains. Meal is 5.50 to 6.50 higher and oil is flat to 10 points higher. On the report, we saw yield at 50.7 bpa versus 51.6 bpa expected; carryout at 380 million bushels (mb) versus 459 mb expected; and stocks at 3.1 bb versus 3.208 bb expected. South America weather looks to stay with the recent pattern with issues still confined to Argentina. The daily export wire saw 198,000 metric tons (mt) sold to China. Weekly export inspections were solid at 1.350 mmt with year-to-date pace at 122% of a year ago. Basis will likely soften a bit in the short term. On the March chart, trade has support at the 20-day moving average at $9.92, which has held so far this week, with the fresh high at $10.46 1/2, the next level of resistance. WHEAT: Wheat futures are 4 to 9 cents higher at midday with Chicago action leading. Trade is pushing back to nearby resistance as it battles the stronger dollar, which continues to limit upside while row-crop strength adds support. The Plains are expected to moderate temperature-wise this week before some more potential cold with further moisture -- limited for now. On the report, trade saw stocks at 1.570 bb versus 1.565 bb expected; carryout at 798 mb versus 800 mb expected; winter wheat acres at 34.115 versus 33.36 million expected. MATIF wheat is slightly higher Monday. Weekly export inspections were solid at 288,895 metric tons. On the KC March chart, resistance is the 20-day moving average $5.52, which we are just above 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.