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DTN Midday Grain Comments 01/12 10:51
Corn, Soybean, Wheat Futures All Higher at Midday Monday
Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 6
to 8 cents higher; wheat futures are 6 to 14 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 6
to 8 cents higher; wheat futures are 6 to 14 cents higher. The U.S. stock
market is mixed at midday with the S&P 2 points higher. The U.S. Dollar Index
is 30 lower. The interest rate products are weaker. Energy trade is firmer with
crude up .20 and natural gas is .11 higher. Livestock trade is mixed with
cattle the upside leader. Precious metals are firmer with gold up 135.00.
CORN :
Corn futures are 2 to 3 cents higher at midday as we head toward the WASDE
and Quarterly Stocks reports that will be released at 11 a.m. CST Monday. On
the report, trade is looking for yield at 184.0 bushels per acre (bpa); 1.980
billion bushel (bb) carryout; stocks at 12.962 bb. Ethanol margins should
remain stable in the short term with some blender gains as unleaded starts to
trend higher. The daily export wire saw sales of 204,000 metric tons (mt) to
South Korea and 310,000 mt to unknown. Weekly export inspections were strong at
1.490 million metric tons (mmt) with year-to-date pace at 160%. Basis remains
in a sideways trend short term. On the March chart, support is the 20-day
moving average at $4.44, which we remain just above, with the Upper Bollinger
Band at $4.51 as resistance.
SOYBEANS:
Soybean futures are 6 to 8 cents higher at midday with oil leading the
product complex as we test nearby resistance heading toward the report. Meal is
1.00 to 2.00 lower and oil is 110 to 120 points higher. On the report, trade is
looking for yield at 52.7 bpa; 303 mb of carryout; and stocks at 3.25 bb. South
American weather saw some of the drier pockets catch weekend rains with
near-term concerns remaining limited. Basis will likely remain flat in the
short term. Weekly export inspections were much improved at 1.530 mmt, running
ahead of corn movement, and this week last year for the first time since
harvest, with year-to-date pace at 57%. On the March chart, resistance is the
20-day moving average at $10.67, which we are testing Monday morning, with
support the $10.38 recent low.
WHEAT:
Wheat futures are 6 to 14 cents higher at midday with KC action testing the
upper end of the range ahead of the report with support from dollar weakness.
On the report, trade is looking for all acres at 32.413 million, with carryout
at 895 mb, and stocks at 1.636 bb. Weather for the Plains looks generally warm
into this week with moisture limited short term. Matif wheat is lightly higher.
Weekly export inspections were OK at 317,465 mt, with year-to-date pace holding
at 119%. On the KC March chart, support is the 20-day moving average at $5.21,
with resistance the Upper Bollinger Band at $5.40.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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