DTN Midday Grain Comments     01/28 10:49

   Corn, Soybean and Wheat Futures All Higher at Midday Wednesday

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are 9 to 10 cents higher; wheat futures are 5 to 15 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are 9 to 10 cents higher; wheat futures are 5 to 15 cents higher. The U.S. 
stock market is mixed at midday with the S&P unchanged. The U.S. Dollar Index 
is 30 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up .50 and natural gas is .05 higher. Livestock trade is 
mixed with cattle leading. Precious metals are sharply higher with gold 200.00 
higher.

CORN:

   Corn futures are 3 to 4 cents higher at midday as we again test the upper 
end of the recent range with firmer spread action as we see positive spillover 
from soy and wheat. The weekly ethanol report showed production off 5,000 
barrels per day, but still at strong levels and stocks down 339,000 barrels on 
the week with positive comments from President Trump on E15. The export wire 
was quiet after the sales on Tuesday, with weekly sales expected to be in the 
1.0 to 1.25 million metric ton (mmt) range. Basis will likely remain flat short 
term. New crop price ratios continue to favor corn, but beans continue to 
narrow the gap. 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 9 to 10 cents higher at midday with trade pushing to 
fresh highs for the move as meal leads the product complex, although we have 
pulled back from the session peak. Meal is 3.50 to 4.50 higher and oil is 
narrowly mixed. South American weather remains a bit mixed with Brazil harvest 
moving ahead and the extended forecast looking better for Argentina. Basis may 
start finding a little better support if shipments continue to improve. The 
daily wire was quiet with weekly sales expected to be in the 1.0 to 1.25 mmt 
range. On the March chart, support is the 20-day moving average at $10.58, with 
resistance the Upper Bollinger Band at $10.74 the next round up, which we are 
just above at midday.

WHEAT:

   Wheat futures are 5 to 15 cents higher at midday, with trade pushing back to 
the upper end of the range again. The cheaper dollar is helping bring money 
into commodities even with the slight rebound this morning as we hold just 
above four-year lows. Weather for the Plains looks to warm back to seasonal 
temps with overall moisture remaining limited for the west. Matif wheat is 
firmer. Weekly export sales are expected to be in the 200,000 to 350,000 metric 
ton (mt) range Thursday. 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 
are above at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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