DTN Midday Grain Comments     01/22 10:52

   Soybean, Wheat Futures Higher at Midday Thursday; Corn Flat-Higher

   Corn futures are flat to 1 cent higher at midday Thursday; soybean futures 
are 1 to 3 cents higher; wheat futures are 6 to 8 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent higher at midday Thursday; soybean futures 
are 1 to 3 cents higher; wheat futures are 6 to 8 cents higher. The U.S. stock 
market is firmer at midday with the S&P 45 points higher. The U.S. Dollar Index 
is 40 points lower. The interest rate products are mixed. Energy trade is mixed 
with crude off .95 and natural gas is .68 higher. Livestock trade is mostly 
higher. Precious metals are mixed with gold 43.00 higher.

CORN:

   Corn futures are flat to 1 cent higher at midday with overall rangebound 
action continuing and spread action softening. Ethanol margins should remain 
stable in the short term even with unleaded softening a bit. Weekly export 
sales are expected to be in the 750,000 to 950,000 metric ton range in Friday's 
holiday-delayed report. Basis will likely remain flat in the short term. 
New-crop price ratios continue to favor corn but continue to narrow this week. 
On the March chart, support is the recent low at $4.17 with the 20-day moving 
average well above the market at $4.35.

SOYBEANS:

   Soybean futures are 1 to 3 cents higher at midday with meal leading the 
product side as trade works to consolidate above nearby resistance. Meal is 
3.50 to 4.50 higher and oil is narrowly mixed with oil overbought and meal 
coming off oversold conditions. South American weather shows little change and 
little short-term concern as early harvest is running ahead of pace. Basis will 
likely remain flat in the short term. The daily export wire saw 192,350 metric 
tons sold to unknown destinations. Weekly export sales are expected to be in 
the 1.0 to 1.25 million metric ton range. On the March chart, support is the 
20-day moving average at $10.58, which we closed solidly above yesterday, with 
support the Upper Bollinger Band at $10.76 the next round up.

WHEAT:

   Wheat futures are 6 to 8 cents higher at midday with trade working to firm 
back into the middle of the range again with a strong finish and further 
follow-through likely needed to sustain buying. Weather for the Plains looks 
mostly seasonal to cool in the short term with moisture concentrated on the 
eastern growing areas in the coming winter storm. Matif wheat remains flat with 
the weaker dollar. Weekly export sales are expected to be in the 200,000 to 
350,000 metric ton range. On the KC March chart, support is the 20-day moving 
average at $5.24, which is where we are trading just above at midday, with 
resistance the Upper Bollinger Band at $5.40.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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