DTN Midday Grain Comments     01/07 10:45

   Corn, Soybean, Wheat Futures All Higher at Midday Wednesday

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 10 to 11 cents higher; wheat futures are 5 to 7 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 10 to 11 cents higher; wheat futures are 5 to 7 cents higher. The U.S. 
stock market is mixed at midday with the S&P 5 points higher. The U.S. Dollar 
Index is 6 higher. The interest rate products are firmer. Energy trade is mixed 
with crude off .60 and natural gas is .15 higher. Livestock trade is broadly 
lower at midday. Precious metals are weaker with gold down 28.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade trying to extend 
past the first level resistance that we cleared on Monday with support from 
soybeans so far. The weekly ethanol report showed production 22,000 barrels per 
day lower, and stocks were 700,000 barrels higher on the week. The export wire 
remained quiet today. Basis will likely remain steady to start the year. On the 
March chart, support is the 20-day moving average at $4.44, which we are just 
above at midday, with the Upper Bollinger Band at $4.51 as resistance.

SOYBEANS:

   Soybean futures are 10 to 11 cents higher at midday with broad product 
strength as we rebound from the late session weakness Tuesday. Meal is 4.50 to 
5.50 higher and oil is flat to 10 points lower. South American weather looks to 
remain mostly good with some pockets of short-term dryness hanging on with a 
wetter forecast into midmonth. Basis will likely remain flat to start the year. 
The daily wire was quiet today. On the March chart, resistance is the 20-day 
moving average at $10.72, with support the $10.38 recent low.

WHEAT:

   Wheat futures are 5 to 7 cents higher at midday with trade working back 
toward the recent highs after pushing through nearby resistance to start the 
week. Weather for the Plains looks generally warm into midmonth with the 
eastern Plains having the best shot at moisture the next few days. Matif wheat 
is a bit firmer as well. On the KC March chart, support is the 20-day moving 
average at $5.21, with resistance the Upper Bollinger Band at $5.36.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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