DTN Midday Grain Comments     01/10 10:44

   Corn, Soybean Futures Higher at Midday; Wheat Lower

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 4 
to 5 cents higher; wheat futures are 3 to 5 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 4 
to 5 cents higher; wheat futures are 3 to 5 cents lower. The U.S. stock market 
is sharply lower with the S&P down 100 points. The U.S. Dollar Index is 60 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude up 1.95 with natural gas .25 higher. Livestock trade is mostly 
higher. Precious metals are firmer with gold up 27.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade continuing to hold 
the upper end of the range as we head to the WASDE report at 11 a.m. CST. On 
the report, trade is looking for corn carryout at 1.674 billion bushels (bb) 
versus 1.738 bb last month, with yield edging to 182.7 bushels per acre (bpa) 
from 183.1 bpa last time, and stocks at 12.147 bb versus 12.171 bb last year. 
Ethanol margins are getting a boost from unleaded gains Friday morning. Weekly 
export sales were soft through the holidays at 445,000 metric tons (mt) for 
last week. Basis action has remained flat to softer in the short term. On the 
March chart, the 20-day moving average at $4.50 is support with the fresh high 
at $4.60 1/4 as resistance.

SOYBEANS:

   Soybean futures are 4 to 5 cents higher at midday in quiet pre-report action 
with trade continuing to hold above nearby support with oil leading the product 
complex. Meal is 3.00 to 4.00 lower and oil is 190 to 200 points higher. On the 
report, trade is looking for domestic carryout at 459 million bushels (mb) 
versus 470 mb last month, with yield at 51.6 bpa versus  51.7 bpa last month, 
and stocks at 3.231 bb versus 3.001 bb last year. South America weather looks 
to stay with the recent pattern with issues still confined to Argentina. Weekly 
export sales were soft at 288,700 mt with products OK at 144,900 mt of meal, 
and 34,600 of oil. Basis continues to show little change in recent days. On the 
March chart, trade has support at the 20-day moving at $9.90, which has held so 
far this week, with the Upper Bollinger Band at $10.18 as the next level of 
resistance.

WHEAT:

   Wheat futures are 3 to 5 cents lower at midday with rangebound action 
continuing with the dollar strength continuing to limit upside ahead of the 
report. The Plains are expected to moderate, temperature-wise, into midmonth 
with some potential moisture for the second week for the more western growing 
areas. On the report, trade is looking for carryout at 800 mb versus 795 mb 
last month with stocks at 1.565 bb versus 1.421 bb last year. MATIF wheat is 
slightly lower as we continue to consolidate the recent pullback. Weekly export 
sales were soft again at 111,300 mt. On the KC March chart, resistance is the 
20-day moving average at $5.52, which we are just below, with the Lower 
Bollinger Band at $5.39 as further support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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