DTN Midday Grain Comments     01/30 10:48

   Corn, Soybean and Wheat Futures All Lower at Midday Friday

   Corn futures are 4 to 5 cents lower at midday Friday; soybean futures are 5 
to 6 cents lower; wheat futures are 4 to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Friday; soybean futures are 5 
to 6 cents lower; wheat futures are 4 to 6 cents lower. The U.S. stock market 
is weaker at midday with the S&P 30 lower. The U.S. Dollar Index is 60 higher. 
The interest rate products are weaker. Energy trade is firmer with crude up .40 
and natural gas is .34 higher. Livestock trade is mixed with live cattle 
leading. Precious metals are sharply lower with gold 330.00 lower.

CORN:

   Corn futures are 4 to 5 cents lower at midday with choppy action ongoing 
with negative spillover from outside markets to end the month. Ethanol margins 
should remain stable with the time to build inventories for spring driving 
seasonal approaching. The export wire was quiet to end the week. Basis will 
likely remain flat short term. New crop price ratios continue to favor corn, 
but beans are holding the recent gains. On the March chart, support is the 
recent low at $4.17 with the 20-day moving average above the market at $4.32, 
which we have tested this morning before fading.

SOYBEANS:

   Soybean futures are 5 to 6 cents lower at midday with trade fading back 
toward nearby support as momentum in products and fresh export sales have 
slowed a bit. Meal is 2.00 to 3.00 lower and oil is 15 to 25 points lower. 
South American weather remains a bit mixed with Brazil harvest moving ahead and 
the extended forecast looking better for Argentina after the current dry run. 
Basis may start finding a little better support if shipments continue to 
improve. The daily wire was quiet to close the week. On the March chart, 
support is the 20-day moving average at $10.59, with resistance the Upper 
Bollinger Band at $10.77.

WHEAT:

   Wheat futures are 4 to 6 cents lower at midday with trade working to 
consolidate the winter highs going into the weekend after touching a new high 
for the move. Weather for the Plains looks to warm back to seasonal temps with 
overall moisture remaining limited for the west. Matif wheat is firmer so far 
today. On the KC March chart, support is the 20-day moving average at $5.28 
with resistance the fresh high at $5.50, which we touched overnight.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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