DTN Midday Grain Comments     01/26 10:51

   Corn, Soybean and Wheat Futures All Lower at Midday Monday

   Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 5 
to 6 cents lower; wheat futures are 5 to 9 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 5 
to 6 cents lower; wheat futures are 5 to 9 cents lower. The U.S. stock market 
is firmer at midday with the S&P 40 points higher. The U.S. Dollar Index is 60 
points lower. The interest rate products are firmer. Energy trade is mixed with 
crude off .55 and natural gas is 1.40 higher. Livestock trade is mixed after 
early strength. Precious metals are sharply higher with gold 114.00 higher.

CORN:

   Corn futures are 1 to 2 cents lower at midday with early gains fading with 
softer spread action as we fade from nearby resistance. Ethanol margins should 
continue to hold the range with demand likely light into midweek. The export 
wire was quiet today with weekly export inspections still strong at 1.510 
million metric tons (mmt), with year-to-date pace at 153%. Basis will likely 
remain flat short term. New crop price ratios continue to favor corn with corn 
gaining a little to start the week. On the March chart, support is the recent 
low at $4.17 with the 20-day moving average above the market at $4.33.

SOYBEANS:

   Soybean futures are 5 to 6 cents lower at midday with early gains fading as 
meal slides while oil continues to hold the top of the range. Meal is 4.00 to 
5.00 lower and oil is flat to 10 points higher. South American weather has 
shown a bit drier forecasts for Argentina while early harvest runs ahead of 
pace in Brazil. Basis will likely remain flat short term. The daily wire was 
quiet, with weekly export inspections solid at 1.324 mmt with year-to-date pace 
now at 63%. On the March chart, support is the 20-day moving average at $10.58, 
with resistance the Upper Bollinger Band at $10.76 the next round up.

WHEAT:

   Wheat futures are 5 to 9 cents lower with selling during the day session 
after testing the upper end of the range overnight. Weather for the Plains 
looks to warm back to seasonal temps with overall moisture remaining limited 
for the west. Matif wheat is solidly lower. Weekly export inspections were OK 
at 351,001 metric tons (mt) with year-to-date pace at 118%. On the KC March 
chart, support is the 20-day moving average at $5.25, with resistance the Upper 
Bollinger Band at $5.36, which we faded back from after testing above overnight.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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