DTN Midday Grain Comments     01/16 10:54

   Corn, Soybean and Wheat Futures Lower at Midday

   Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 
20 to 22 cents lower; wheat futures are 5 to 8 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 
20 to 22 cents lower; wheat futures are 5 to 8 cents lower. The U.S. stock 
market is mixed with the S&P unchanged. The U.S. Dollar Index is 6 points 
lower. The interest rate products are firmer. Energy trade is weaker with crude 
off 1.85 with natural gas unchanged. Livestock trade is weaker with live cattle 
the downside leader. Precious metals are firmer with gold up 34.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with trade fading back from 
the highs while spread action remains firm as we look to ease overbought 
conditions in the broad risk-off environment Thursday. Ethanol margins should 
remain rangebound with the broad pullback today. The daily export wire saw 
135,000 metric tons (mt) sold to unknown. Weekly export sales rebounded solidly 
to 1.024 million metric tons (mmt). Basis action is expected to stabilize 
further into midmonth. On the March chart, the 20-day moving average at $4.57 
is support with the fresh high at $4.79 3/4 as resistance.

SOYBEANS:

   Soybean futures are 20 to 22 cents lower at midday with meal leading the 
product complex lower as we ease overbought conditions ahead of South American 
harvest. Meal is 6.50 to 7.50 lower and oil is 90 to 100 points lower. South 
America weather is showing some relief to the drier areas in the extended 
forecast. The daily export wire saw 132,000 mt sold to China. Weekly export 
sales were soft at 569,100 mt, meal at 144,000 and oil 57,200. Basis should 
stabilize and remain more flat near term. On the March chart, trade has support 
at the 20-day moving average at $10.01, with the fresh high at $10.64 the next 
level of resistance.

WHEAT:

   Wheat futures are 5 to 8 cents lower with the dollar rebounding off the 
lows, limiting upside as we fade back to support levels along with less 
spillover from row crops. The Plains are expected to moderate temperature-wise 
to the weekend before some more potential cold at the start of the next week 
with further moisture limited for now. MATIF wheat continues to fade from the 
upper end of the range, narrowing the spread versus U.S. origin a bit. Weekly 
export sales bounced nicely to 513,400 mt. On the KC March chart, support is 
the 20-day moving average at $5.51, which we are back below at midday, with the 
Upper Bollinger Band at $5.63 as further resistance, which we are just below at 
midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




(c) Copyright 2025 DTN, LLC. All rights reserved.