DTN Midday Grain Comments     01/21 11:04

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
21 to 23 cents higher; wheat futures are 15 to 20 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
21 to 23 cents higher; wheat futures are 15 to 20 cents higher. The U.S. stock 
market is firmer with the S&P 28 points higher. The U.S. Dollar Index is 130 
points lower. The interest rate products are firmer. Energy trade is weaker 
with crude off 1.20 with natural gas .18 lower. Livestock trade is mostly 
lower. Precious metals are mostly higher with gold up 7.70.

CORN:

   Corn futures are 4 to 5 cents higher at midday with trade pressing again to 
fresh highs with mixed spread trade as we see broad risk-on trade in ag 
commodities to start the week. Ethanol margins will see pressure from corn 
strength and the unleaded pullback. Weekly export inspections were very strong 
at 1.541 million metric tons (mmt). Basis action will likely return to a lower 
drift if futures strength holds. On the March chart, the 20-day moving average 
at $4.62 is support with the fresh high at $4.90 1/2 as resistance.

SOYBEANS:

   Soybean futures are 21 to 23 cents higher at midday with strong spread 
action and with meal leading the product complex as we move back toward the 
recent highs. Meal is 9.50 to 10.50 higher and oil is flat to 10 points lower. 
South America weather remains in the recent pattern with eventual relief for 
Argentina expected later in the month with early harvest set to expand soon. 
Weekly export inspections eased at 973,145 metric tons (mt). Basis should 
stabilize and remain more toward flat in the near term. On the March chart, 
trade has support at the 20-day moving average at $10.09, with the fresh high 
at $10.64 the next level of resistance.

WHEAT:

   Wheat futures are 15 to 20 cents higher at midday with winter wheats leading 
with support from the dollar sliding and cold weather on limited snow cover on 
much of the Plains through Tuesday. The Plains are expected to warm after today 
with some moisture potential returning in the extended forecast. MATIF wheat is 
showing gains despite the dollar pullback Tuesday with the spread narrowing. 
Weekly export inspections were soft at 261,786 mt. On the KC March chart, 
support is the 20-day moving average at $5.51, which we snapped back above 
overnight, with the Upper Bollinger Band at $5.63 as further resistance, which 
we are testing at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




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