DTN Midday Grain Comments     01/29 10:45

   Corn, Soybean Futures Lower at Midday Thursday; Wheat Mixed

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
2 to 3 cents lower; and wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
2 to 3 cents lower; and wheat futures are narrowly mixed. The U.S. stock market 
is weaker at midday with the S&P 70 lower. The U.S. Dollar Index is flat. The 
interest rate products are mixed. Energy trade is firmer with crude up 2.50 and 
natural gas is .02 higher. Livestock trade is mixed with feeder cattle leading. 
Precious metals are mixed with gold 60.00 lower.

CORN:

   Corn futures are 1 to 2 cents lower with trade again fading back from nearby 
resistance after early strength. Ethanol margins should remain stable with the 
time to build inventories for spring driving seasonal approaching. The export 
wire was quiet with weekly sales solid at 1.649 million metric tons (mmt). 
Basis will likely remain flat short term. New crop price ratios continue to 
favor corn, but beans have gained significantly this month. On the March chart, 
support is the recent low at $4.17 with the 20-day moving average above the 
market at $4.32, which we have tested this morning.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower with product action softening during 
the day session after early strength. Meal is 1.00 to 2.00 lower and oil is 30 
to 40 points lower. South American weather remains a bit mixed with Brazil 
harvest moving ahead and the extended forecast looking better for Argentina 
after the current dry run. Basis may start finding a little better support if 
shipments continue to improve. The daily wire was quiet with weekly sales 
softer at 816,000 metric tons (mt), with meal and oil improved at 464,300 mt 
and 22,100 mt. On the March chart, support is the 20-day moving average at 
$10.59, with resistance the Upper Bollinger Band at $10.77, which we have faded 
back below at midday.

WHEAT:

   Wheat futures are narrowly mixed with action continuing to move to the upper 
end of the range, with another strong finish needed to build further momentum 
and early gains fading as well. Weather for the Plains looks to warm back to 
seasonal temps with overall moisture remaining limited for the west. Matif 
wheat is flat so far today. Weekly export sales were solid at 558,200 mt. On 
the KC March chart, support is the 20-day moving average at $5.25 with 
resistance the Upper Bollinger Band at $5.44, which we tested overnight.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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