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DTN Midday Grain Comments 01/23 10:54
Corn, Soybean Futures Higher at Midday Friday; Wheat Mixed
Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 5
to 6 cents higher; wheat futures are 1 cent lower to 11 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 5
to 6 cents higher; wheat futures are 1 cent lower to 11 cents higher. The U.S.
stock market is mixed at midday with the S&P 12 points higher. The U.S. Dollar
Index is 25 points lower. The interest rate products are firmer. Energy trade
is firmer with crude up 1.60 and natural gas is .14 higher. Livestock trade is
mostly higher with cattle leading pre-report. Precious metals are sharply
higher with gold 73.00 higher.
CORN:
Corn futures are 5 to 6 cents higher at midday with the highest levels we've
seen since the report with mixed spread action as demand remains solid. Ethanol
margins should continue to hold the range with demand likely to take a hit over
the weekend. Weekly export sales hit a marketing-year high at 4.011 million
metric tons (mmt). Basis will likely remain flat in the short term. New-crop
price ratios continue to favor corn but continue to narrow a bit versus beans
this week. On the March chart, support is the recent low at $4.17 with the
20-day moving average above the market at $4.34.
SOYBEANS:
Soybean futures are 5 to 6 cents higher at midday with oil leading the
product complex as we continued to consolidate past the first level of
resistance that we cleared this week. Meal is 1.50 to 2.50 higher and oil is 60
to 70 points higher with oil overbought and meal coming off oversold
conditions. South American weather has shown a bit drier forecasts for
Argentina while early harvest runs ahead of pace in Brazil. Basis will likely
remain flat in the short term. Weekly export sales were strong at 2.446 mmt, a
marketing-year high, with meal at 412,700 and oil 10,500. On the March chart,
support is the 20-day moving average at $10.58, which we closed solidly above
yesterday, with resistance the Upper Bollinger Band at $10.77 the next round up.
WHEAT:
Wheat futures are 1 cents lower to 11 cents higher at midday with KC wheat
leading ahead of the cold as trade works to test back toward the upper end of
the range. Weather for the Plains looks to keep moisture to the east in the
storm with seasonal temps to follow next week. Matif wheat is firmer. Weekly
export sales were 618,100 metric tons, with one of the better weeks of the
marketing year. On the KC March chart, support is the 20-day moving average at
$5.24, which we held Thursday, with resistance the Upper Bollinger Band at
$5.36, which we are testing at midday.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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