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DTN Midday Grain Comments 01/20 10:53
Corn, Wheat Futures Lower at Midday Tuesday; Soybeans Mixed
Corn futures are 1 to 2 cents lower at midday Tuesday; soybeans are narrowly
mixed; wheat futures are 2 to 7 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents lower at midday Tuesday; soybeans are narrowly
mixed; wheat futures are 2 to 7 cents lower. The U.S. stock market is weaker at
midday with the S&P 80 points lower. The U.S. Dollar Index is 95 points lower.
The interest rate products are weaker. Energy trade is firmer with crude up .95
and natural gas is .80 higher. Livestock trade is firmer with hogs leading.
Precious metals are firmer with gold 145.00 higher.
CORN:
Corn futures are 1 to 2 cents lower to start the week with trade fading from
light early strength with little grain-specific news keeping the recent range
intact. Ethanol margins should remain sideways in the short term with unleaded
gains supporting blenders. Weekly export inspections remained strong at 1.484
million metric tons (mmt), keeping year-to-date pace at 155% of last year.
Basis will likely remain flat with good movement and ample supply. New-crop
price ratios continue to favor corn. On the March chart, support is the fresh
low at $4.17 with the 20-day moving average well above the market at $4.37.
SOYBEANS:
Soybean futures are narrowly mixed at midday with oil continuing to lead the
product complex along with statements confirming the new-crop sales target to
China at 25.0 mmt. Meal is 1.00 to 2.00 higher, and oil is 20 to 30 points
higher. Oil continues to hold the top of the recent range to support crush
margins to start the year. South American weather shows little change and
little short-term concern as early harvest should expand further. Basis will
likely remain flat in the short term. The daily export wire saw 190,000 metric
tons of meal sold to Philippines. Weekly export inspections held recent
improvements at 1.337 mmt with year-to-date pace at 60%. On the March chart,
resistance is the 20-day moving average at $10.58, with support the $10.37 3/4
fresh low from Tuesday.
WHEAT:
Wheat futures are 2 to 7 cents lower with as we fade back from Friday's
strength with the overall range holding with the cheaper dollar offset by
outside market pressure. Weather for the Plains looks mostly seasonal to cool
in the short term with moisture concentrated on the eastern growing areas.
Matif wheat is sharply weaker. Weekly export inspections were decent at 392,611
metric tons with year-to-date pace at 120%. On the KC March chart, support is
the 20-day moving average at $5.24, which we are testing 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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