DTN Midday Grain Comments     01/06 10:48

   Corn, Soybean, Wheat Futures All Higher at Midday Tuesday

   Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 
3 to 4 cents higher; wheat futures are 1 to 5 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 
3 to 4 cents higher; wheat futures are 1 to 5 cents higher. The U.S. stock 
market is firmer at midday with the S&P 15 points higher. The U.S. Dollar Index 
is 35 higher. The interest rate products are weaker. Energy trade is weaker 
with crude off .30 and natural gas is .12 lower. Livestock trade is mostly 
higher with feeder cattle leading. Precious metals are higher with gold up 
40.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday as we hold Monday's gains 
with spread action remaining steady to firmer and a quiet session so far. 
Ethanol margins should see little change in the short term. 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 above at midday, with the Lower 
Bollinger Band at $4.36 as support.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with trade extending the 
strong start to the week even as product action is flat. Meal is flat to 1.00 
higher and oil is narrowly mixed. South American weather looks to remain mostly 
good with some pockets of short-term dryness hanging on. Basis will likely 
remain flat to start the year. The daily export wire saw 336,000 metric tons 
sold to China. On the March chart, resistance is the 20-day moving average at 
$10.75, with support the $10.38 recent low.

WHEAT:

   Wheat futures are 1 to 5 cents higher at midday with trade working just 
above nearby resistance after the solid start to the week. Weather for the 
Plains looks generally warm into midmonth with the eastern Plains having the 
best shot at moisture. Matif wheat is a bit firmer as well. On the KC March 
chart, resistance is the 20-day moving average at $5.21, which we are just 
above 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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