DTN Midday Grain Comments 01/29 10:59

DTN Midday Grain Comments 01/29 10:59 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 11 to 12 cents higher at midday Wednesday; soybean futures are 15 to 17 cents higher; wheat futures are 12 to 18 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 11 to 12 cents higher at midday Wednesday; soybean futures are 15 to 17 cents higher; wheat futures are 12 to 18 cents higher. The U.S. stock market is mixed with the S&P 21 points lower. The U.S. Dollar Index is 12 points higher. The interest rate products are mixed. Energy trade is mixed with crude .60 lower with natural gas flat. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up 5.00. CORN: Corn futures are 11 to 12 cents higher at midday with trade pressing back to fresh highs in broad, risk-on action, along with firmer spread action keeping demand ideas robust. The weekly ethanol report showed production slipped by 84,000 barrels per day with poor weather and margins; stocks fell by 200,000 barrels after the recent build. Weekly export sales are expected to be in the 700,000 to 900,000 metric ton (mt) range Thursday. Basis action is expected to remain soft with commercials sitting on large nearby inventories. On the March chart, the 20-day moving average at $4.75 is support with the fresh high at $4.97 1/2 as resistance. SOYBEANS: Soybean futures are 15 to 17 cents higher at midday with meal leading the product complex with risk-on action despite the stronger dollar and expanding South American harvest with Argentina concerns lingering. Meal is 8.00 to 9.00 higher and oil is 10 to 20 points higher. South America weather forecasts continue to keep improvements coming for the dry areas with Brazil harvest to expand into February. Weekly export sales are expected to be in the 500,000 to 700,000 mt. 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 $10.30, with the recent high at $10.73 1/2 the next level of resistance. WHEAT: Wheat futures are 12 to 18 cents higher with KC trade leading at midday and moving back to the upper end of the range with spillover support from row crops that we saw last week despite the dollar rebound ahead of the Fed Statement on Wednesday. The Plains are expected to be mostly warmer with some rains expected later in the week for the eastern growing areas. MATIF wheat is extending the gains of the start of the week and moving back to the middle part of the range. Weekly export sales are expected to be in the 200,000 to 350,000 mt range. On the KC March chart, support is the 20-day moving average at $5.57 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.