DTN Midday Grain Comments 01/28 10:57

DTN Midday Grain Comments 01/28 10:57 Corn, Wheat Futures Higher at Midday; Soybeans Mixed Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are narrowly mixed; wheat futures 7 to 11 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are narrowly mixed; wheat futures 7 to 11 cents higher. The U.S. stock market is firmer with the S&P 23 points higher. The U.S. Dollar Index is 60 points higher. The interest rate products are weaker. Energy trade is mixed with crude flat with natural gas .17 lower. Livestock trade is sharply higher. Precious metals are firmer with gold up 25.00. CORN: Corn futures are 4 to 5 cents higher at midday with trade rebounding back to the upper end of the range after the Monday softness with spread trade still showing a bit of weakness. Ethanol margins look rangebound with firmer unleaded prices Tuesday morning adding some support. The daily export wire saw 132,000 metric tons (mt) sold to South Korea. Basis action continues to wobble as bushels moved into users' hands with the recent futures rally. On the March chart, the 20-day moving average at $4.71 is support with the fresh high at $4.94 1/2 as resistance. SOYBEANS: Soybean futures are narrowly mixed at midday with trade setting back after early strength with soft product complex action and little other fresh news. Meal is narrowly mixed, and oil is 20 to 30 points lower. South America weather continues to keep improvements coming for the dry areas with Brazil harvest to continue to expand into February. Basis should stabilize and remain more toward flat in the near term. On the March chart, trade has support at the 20-day moving average at $10.27, with the fresh high at $10.73 1/2 the next level of resistance. WHEAT: Wheat futures are 7 to 11 cents higher at midday with the stronger European values and row-crop action offsetting the dollar bounce Tuesday morning with middle of the range action continuing here as well. The Plains are expected to be mostly warmer with some rains expected later in the week for the eastern growing areas. MATIF wheat is rebounding sharply but remains in the lower end of the recent range. On the KC March chart, support is the 20-day moving average at $5.57, which we are just above at midday with the Upper Bollinger Band at $5.76 as resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.