DTN Midday Grain Comments     01/02 10:51

   Corn, Soybean, Wheat Futures All Lower at Midday Friday

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 7 
to 8 cents lower; wheat futures are 2 to 4 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 7 
to 8 cents lower; wheat futures are 2 to 4 cents lower. The U.S. stock market 
is mixed at midday with the S&P flat. The U.S. Dollar Index is 7 points lower. 
The interest rate products are weaker. Energy trade is weaker with crude off 
.60 and natural gas is .02 lower. Livestock trade is mixed with cattle leading. 
Precious metals are sharply mixed with gold off 12.00.

CORN:

   Corn futures are 2 to 3 cents lower with trade testing the lower end of the 
range again with spillover pressure from soybeans and little other fresh news. 
Ethanol margins remain stable with corn and unleaded both back to the lower end 
of the range. The trade aid payment for corn was announced at $44.36 per acre. 
The daily export wire saw 132,000 metric tons (mt) sold to South Korea. 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 faded through Tuesday, with the 
Lower Bollinger Band at $4.36 as support.

SOYBEANS:

   Soybean futures are 7 to 8 cents lower with trade getting more oversold as 
buying enthusiasm remains muted. Meal is 2.00 to 3.00 lower and oil is 20 to 30 
points higher. The trade aid payment for soybeans will be $30.88 per acre. 
South American weather looks to remain mostly good with Brazil a little drier 
this week so far. Basis will likely remain flat to start the year. On the March 
chart, resistance is the 20-day moving average at $10.87, with support the 
$10.38 fresh low.

WHEAT:

   Wheat futures are 2 to 4 cents lower to start the year after fading back to 
the lower end of the recent range on Wednesday. Southern Hemisphere harvest 
pressure will continue to ease in the short term. Trade aid payments for wheat 
will be $39.35 per acre. Weather for the Plains looks to warm back after the 
cold shot with better moisture expected into midmonth across the plains. Matif 
wheat is a bit lower to start the new year as well. On the KC March chart, 
resistance is the 20-day moving average at $5.23, which we are just below 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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