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DTN Midday Grain Comments 01/27 10:48
Corn Futures Lower at Midday Tuesday; Soybeans Higher; Wheat Mixed
Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are 5
to 6 cents higher; wheat futures are narrowly mixed.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are 5
to 6 cents higher; wheat futures are narrowly mixed. The U.S. stock market is
mixed at midday with the S&P 35 points higher. The U.S. Dollar Index is 70
points lower. The interest rate products are mixed. Energy trade is mixed with
crude up 1.20 and natural gas is .70 lower. Livestock trade is mostly lower.
Precious metals are mixed with gold 10.00 higher.
CORN:
Corn futures are 1 to 2 cents lower at midday with trade fading back from
early strength as we continue to hold the range here. Ethanol margins should
continue to hold the range with driving demand likely to stay limited into
midweek. The export wire saw 110,000 metric tons sold to unknown, along with
306,000 metric tons of sorghum to unknown. Basis will likely remain flat short
term. New crop price ratios continue to favor corn, but beans are gaining
today. On the March chart, support is the recent low at $4.17 with the 20-day
moving average above the market at $4.33.
SOYBEANS:
Soybean futures are 5 to 6 cents higher at midday with oil leading product
action at midday as we continue to consolidate near the recent highs, but need
a strong close to extend the uptrend. Meal is narrowly mixed and oil is 45 to
55 points higher. South American weather remains a bit mixed with Brazil
harvest moving ahead. Basis will likely remain flat short term. The daily wire
was quiet. On the March chart, support is the 20-day moving average at $10.58,
with resistance the Upper Bollinger Band at $10.74 the next round up.
WHEAT:
Wheat futures are narrowly mixed as we fade back toward nearby support with
overall choppy action continuing with the weak dollar likely to keep support in
play. Weather for the Plains looks to warm back to seasonal temps with overall
moisture remaining limited for the west. Matif wheat is weaker. On the KC March
chart, support is the 20-day moving average at $5.25, with resistance the Upper
Bollinger Band at $5.36, which we faded back from after testing above Monday.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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