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DTN Midday Grain Comments 01/21 10:47
Corn Futures Flat-Lower at Midday Wednesday; Soybeans Higher; Wheat Mixed
Corn futures are flat to 1 cent lower at midday Wednesday; soybean futures
are 14 to 15 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 Wednesday; soybean futures
are 14 to 15 cents higher; wheat futures are narrowly mixed. The U.S. stock
market is firmer at midday with the S&P 65 points higher. The U.S. Dollar Index
is 4 points higher. The interest rate products are firmer. Energy trade is
firmer with crude up .05 and natural gas is .86 higher. Livestock trade is
lightly higher. Precious metals are mixed with gold 70.00 higher.
CORN:
Corn futures are flat to 1 cent lower with early gains fading from the test
of the post report highs. Ethanol margins should remain sideways short term
with unleaded gains supporting blender with the weekly report delayed until
Thursday. The export wire saw sales with 150,000 metric tons (mt) sold to
Colombia, and 195,000 mt sold to unknown. Basis will likely remain flat short
term. New-crop price ratios continue to favor corn, but is narrowing 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 $4.37.
SOYBEANS:
Soybean futures are 14 to 15 cents higher at midday with trade pushing past
the first level of nearby resistance with broad product strength holding. Meal
is .50 to 1.50 higher, and oil is 130 to 140 points higher. Oil continues to
consolidate the strong start to the year. South American weather shows little
change and little short-term concern as early harvest running ahead of pace.
Basis will likely remain flat in the short term. The daily wire was quiet
today. On the March chart, resistance is the 20-day moving average at $10.58,
which we are solidly above at midday, with support the $10.37 3/4 fresh low
from Tuesday.
WHEAT:
Wheat futures are narrowly mixed with early gains fading along with corn and
little other fresh news. 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 is weaker. On the KC March chart, support
is the 20-day moving average at $5.24, which are just back below 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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