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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