DTN Midday Grain Comments     01/05 10:57

   Corn, Soybean, Wheat Futures All Higher at Midday Monday

   Corn futures are 4 to 5 cents higher at midday Monday; soybean futures are 
14 to 15 cents higher; wheat futures are 2 to 7 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Monday; soybean futures are 
14 to 15 cents higher; wheat futures are 2 to 7 cents higher. The U.S. stock 
market is sharply higher at midday with the S&P 55 points higher. The U.S. 
Dollar Index is flat. The interest rate products are firmer. Energy trade is 
mixed with crude up .90 and natural gas is .19 lower. Livestock trade is mostly 
higher. Precious metals are sharply higher with gold up 126.00.

CORN:

   Corn futures are 4 to 5 cents higher at midday with broad buying across ag 
contracts Monday morning and firmer spread action as we extend the bounce off 
the lows from Friday. Ethanol margins remain stable with blender margins still 
struggling as unleaded remains just off the lows. Weekly export inspections 
remain solid at 1.207 million metric tons (mmt), keeping year-to-date pace at 
165%. Basis will likely remain steady to start the year. On the March chart, 
resistance is the 20-day moving average at $4.44, which we are just below at 
midday, with the Lower Bollinger Band at $4.36 as support.

SOYBEANS:

   Soybean futures are 14 to 15 cents higher at midday with broad product 
strength to start the week as we again try to firm off the lower end of the 
range and establish some short-covering momentum. Meal is 3.00 to 4.00 higher 
and oil is 40 to 50 points higher. South American weather looks to remain 
mostly good with the past few days mostly on the drier side. Basis will likely 
remain flat to start the year. Weekly export inspections showed a bit of 
improvement at 980,518 metric tons (mt) with year-to-date pace at 55%. On the 
March chart, resistance is the 20-day moving average at $10.78, with support 
the $10.38 fresh low.

WHEAT:

   Wheat futures are 2 to 7 cents higher at midday with trade holding the 
bounce off the lower end of the range from the middle of last week with 
positive support from row crops. Southern Hemisphere harvest pressure will 
continue to ease in the short term. Weather for the Plains looks to warm back 
after the cold shot with better moisture expected into midmonth for the eastern 
Plains. Matif wheat is a bit lower Monday. Weekly export inspections were soft 
at 183,305 mt with year-to-date pace at 121%. On the KC March chart, resistance 
is the 20-day moving average at $5.23, which we are testing at midday, with 
support the Lower Bollinger Band at $5.05.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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