DTN Midday Grain Comments 01/23 10:50 Corn, Soybean Futures Higher at Midday; Wheat Mixed Corn futures are 7 to 8 cents higher at midday Thursday; soybean futures are 9 to 10 cents higher; wheat futures are 3 cents lower to 1 cent higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 7 to 8 cents higher at midday Thursday; soybean futures are 9 to 10 cents higher; wheat futures are 3 cents lower to 1 cent higher. The U.S. stock market is mixed with the S&P 10 points higher. The U.S. Dollar Index is 3 points higher. The interest rate products are weaker. Energy trade is mixed with crude off .50 with natural gas .02 higher. Livestock trade is mostly higher with cattle leading again. Precious metals are mixed with gold down 14.50. CORN: Corn futures are 7 to 8 cents higher at midday with flat to firm spread action as front-month trade again scores fresh highs as we continue to get more overbought. Ethanol margins continue to narrow with corn strength and unleaded weakness for now. Weekly export sales are delayed until Friday with expectations of 700,000 to 900,000 metric tons (mt). 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 $4.66 is support with the fresh high at $4.92 3/4 as resistance. SOYBEANS: Soybean futures are 8 to 11 cents higher with products firming as trade works back toward the upper end of the range after early weakness. Meal is 1.50 to 2.50 higher and oil is 30 to 40 points higher. 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. Weekly export sales are expected to be in the 500,000 to 800,000 mt range Friday. Basis should stabilize and remain more toward flat near term. On the March chart, trade has support at the 20-day moving average at $10.18, with the fresh high at $10.73 1/2 the next level of resistance. WHEAT: Wheat futures are 3 cents lower to 1 cent higher with trade holding near the upper end of the recent range but the dollar stabilizing has limited further momentum with row-crop spillover more limited Thursday. The Plains are expected to be mostly warmer and drier into the end of the month. MATIF wheat is flat this morning as well with little change to Black Sea weather in the short term. Weekly export sales are expected to be in the 300,000 to 500,000 mt. On the KC March chart, support is the 20-day moving average at $5.55, which we snapped back above Wednesday, 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.