DTN Midday Grain Comments 01/16 10:54

DTN Midday Grain Comments 01/16 10:54 Corn, Soybean and Wheat Futures Lower at Midday Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 20 to 22 cents lower; wheat futures are 5 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 20 to 22 cents lower; wheat futures are 5 to 8 cents lower. The U.S. stock market is mixed with the S&P unchanged. The U.S. Dollar Index is 6 points lower. The interest rate products are firmer. Energy trade is weaker with crude off 1.85 with natural gas unchanged. Livestock trade is weaker with live cattle the downside leader. Precious metals are firmer with gold up 34.00. CORN: Corn futures are 4 to 5 cents lower at midday with trade fading back from the highs while spread action remains firm as we look to ease overbought conditions in the broad risk-off environment Thursday. Ethanol margins should remain rangebound with the broad pullback today. The daily export wire saw 135,000 metric tons (mt) sold to unknown. Weekly export sales rebounded solidly to 1.024 million metric tons (mmt). Basis action is expected to stabilize further into midmonth. On the March chart, the 20-day moving average at $4.57 is support with the fresh high at $4.79 3/4 as resistance. SOYBEANS: Soybean futures are 20 to 22 cents lower at midday with meal leading the product complex lower as we ease overbought conditions ahead of South American harvest. Meal is 6.50 to 7.50 lower and oil is 90 to 100 points lower. South America weather is showing some relief to the drier areas in the extended forecast. The daily export wire saw 132,000 mt sold to China. Weekly export sales were soft at 569,100 mt, meal at 144,000 and oil 57,200. Basis should stabilize and remain more flat near term. On the March chart, trade has support at the 20-day moving average at $10.01, with the fresh high at $10.64 the next level of resistance. WHEAT: Wheat futures are 5 to 8 cents lower with the dollar rebounding off the lows, limiting upside as we fade back to support levels along with less spillover from row crops. The Plains are expected to moderate temperature-wise to the weekend before some more potential cold at the start of the next week with further moisture limited for now. MATIF wheat continues to fade from the upper end of the range, narrowing the spread versus U.S. origin a bit. Weekly export sales bounced nicely to 513,400 mt. On the KC March chart, support is the 20-day moving average at $5.51, which we are back below at midday, with the Upper Bollinger Band at $5.63 as further resistance, which we are just below at midday. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.