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DTN Midday Grain Comments 01/07 10:45
Corn, Soybean, Wheat Futures All Higher at Midday Wednesday
Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures
are 10 to 11 cents higher; wheat futures are 5 to 7 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures
are 10 to 11 cents higher; wheat futures are 5 to 7 cents higher. The U.S.
stock market is mixed at midday with the S&P 5 points higher. The U.S. Dollar
Index is 6 higher. The interest rate products are firmer. Energy trade is mixed
with crude off .60 and natural gas is .15 higher. Livestock trade is broadly
lower at midday. Precious metals are weaker with gold down 28.00.
CORN:
Corn futures are 1 to 2 cents higher at midday with trade trying to extend
past the first level resistance that we cleared on Monday with support from
soybeans so far. The weekly ethanol report showed production 22,000 barrels per
day lower, and stocks were 700,000 barrels higher on the week. The export wire
remained quiet today. Basis will likely remain steady to start the year. On the
March chart, support is the 20-day moving average at $4.44, which we are just
above at midday, with the Upper Bollinger Band at $4.51 as resistance.
SOYBEANS:
Soybean futures are 10 to 11 cents higher at midday with broad product
strength as we rebound from the late session weakness Tuesday. Meal is 4.50 to
5.50 higher and oil is flat to 10 points lower. South American weather looks to
remain mostly good with some pockets of short-term dryness hanging on with a
wetter forecast into midmonth. Basis will likely remain flat to start the year.
The daily wire was quiet today. On the March chart, resistance is the 20-day
moving average at $10.72, with support the $10.38 recent low.
WHEAT:
Wheat futures are 5 to 7 cents higher at midday with trade working back
toward the recent highs after pushing through nearby resistance to start the
week. Weather for the Plains looks generally warm into midmonth with the
eastern Plains having the best shot at moisture the next few days. Matif wheat
is a bit firmer as well. On the KC March chart, support is the 20-day moving
average at $5.21, with resistance the Upper Bollinger Band at $5.36.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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