DTN Midday Grain Comments 01/22 10:47

DTN Midday Grain Comments 01/22 10:47 Corn, Soybean Futures Lower at Midday; Wheat Higher Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 6 to 8 cents lower; wheat futures are 1 to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 6 to 8 cents lower; wheat futures are 1 to 3 cents higher. The U.S. stock market is firmer with the S&P 45 points higher. The U.S. Dollar Index is 20 points higher. The interest rate products are weaker. Energy trade is mixed with crude off .20 with natural gas .09 higher. Livestock trade is mostly higher. Precious metals are mixed with gold up 11.50. CORN: Corn futures are 2 to 3 cents lower with mixed spread action as we consolidate at the upper end of the range and fade back from the fresh highs scored early in the session. Ethanol margins continue to see pressure from corn strength and the unleaded pullback with the weekly report delayed until Thursday. The daily export wire saw 136,000 metric tons (mt) sold to unknown destinations. Basis action will likely return to a lower drift if futures strength holds with good movement into the hands of the commercials. On the March chart, the 20-day moving average at $4.62 is support with the fresh high at $4.92 1/4 as resistance. SOYBEANS: Soybean futures are 6 to 8 cents lower at midday with trade scoring a fresh high before reversing lower with overbought conditions growing. Meal is 4.50 to 5.50 higher and oil is 120 to 130 points lower. South America weather remains in the recent pattern with eventual relief for Argentina expected later in the month with early harvest set to expand soon in Brazil. Basis should stabilize and remain more towards flat near term. On the March chart, trade has support at the 20-day moving average at $10.15, with the fresh high at $10.73 1/2 the next level of resistance. WHEAT: Wheat futures are 1 to 3 cents higher at midday with trade working to extend the top of the recent range with the cheaper dollar and cold weather stress boosting action. The Plains are expected to warm after Wednesday with some moisture potential returning in the extended forecast. MATIF wheat is holding gains despite the dollar pullback with the spread narrowing a bit. On the KC March chart, support is the 20-day moving average at $5.54, which we snapped back above Tuesday with the Upper Bollinger Band at $5.73 as further resistance, which we are above 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.