DTN Midday Grain Comments     01/09 10:55

   Soybean Futures Higher at Midday Friday; Corn Flat-Higher; Wheat Mixed

   Corn futures are flat to 1 cent lower at midday Friday; soybean futures are 
4 to 5 cents higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent lower at midday Friday; soybean futures are 
4 to 5 cents higher; wheat futures are narrowly mixed. The U.S. stock market is 
firmer at midday with the S&P 30 points higher. The U.S. Dollar Index is 20 
higher. The interest rate products are mixed. Energy trade is mixed with crude 
up 1.60 and natural gas is .07 lower. Livestock trade is weaker with cattle the 
downside leader. Precious metals are firmer with gold up 50.00.

CORN:

   Corn futures are flat to a penny lower in quiet midday action as we continue 
to stay squarely rangebound heading toward Monday's USDA reports. The trade is 
looking for yield at 184.0 bushels per acre (bpa), 1.980 billion bushel (bb) 
carryout and stocks at 12.962 bb. Ethanol margins should remain stable in the 
short term with some blender gains as unleaded starts to trend higher. Basis 
remains in a sideways trend in the short term. On the March chart, support is 
the 20-day moving average at $4.44, which we remain just above, with the Upper 
Bollinger Band at $4.51 as resistance.

SOYBEANS:

   Soybean futures are 4 to 5 cents higher at midday with better product 
strength led by oil as we continue to test nearby resistance heading toward the 
report on Monday. Meal is flat to 1.00 higher and oil is 45 to 55 points 
higher. On the report, trade is looking for yield at 52.7 bpa, 303 million 
bushels (mb) of carryout and stocks at 3.25 bb. South American weather looks to 
remain mostly good with some pockets of short-term dryness hanging on with a 
wetter forecast into mid-month. Basis will likely remain flat in the short 
term. The daily export wire saw 198,000 metric tons sold to unknown. On the 
March chart, resistance is the 20-day moving average at $10.67, which we are 
just below at midday, with support the $10.38 recent low.

WHEAT:

   Wheat futures are narrowly mixed in quiet midday action with trade fading 
off the test of resistance Thursday as the dollar firms a bit. On the report, 
trade is looking for all acres at 32.413 million, with carryout at 895 mb, and 
stocks at 1.636 bb. Weather for the Plains looks generally warm into next week 
before cooling with the eastern Plains having the best shot at moisture the 
next few days. Matif wheat is weaker at midday. On the KC March chart, support 
is the 20-day moving average at $5.21, with resistance the Upper Bollinger Band 
at $5.37.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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