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DTN Midday Grain Comments 01/28 10:49
Corn, Soybean and Wheat Futures All Higher at Midday Wednesday
Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures
are 9 to 10 cents higher; wheat futures are 5 to 15 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures
are 9 to 10 cents higher; wheat futures are 5 to 15 cents higher. The U.S.
stock market is mixed at midday with the S&P unchanged. The U.S. Dollar Index
is 30 points higher. The interest rate products are weaker. Energy trade is
firmer with crude up .50 and natural gas is .05 higher. Livestock trade is
mixed with cattle leading. Precious metals are sharply higher with gold 200.00
higher.
CORN:
Corn futures are 3 to 4 cents higher at midday as we again test the upper
end of the recent range with firmer spread action as we see positive spillover
from soy and wheat. The weekly ethanol report showed production off 5,000
barrels per day, but still at strong levels and stocks down 339,000 barrels on
the week with positive comments from President Trump on E15. The export wire
was quiet after the sales on Tuesday, with weekly sales expected to be in the
1.0 to 1.25 million metric ton (mmt) range. Basis will likely remain flat short
term. New crop price ratios continue to favor corn, but beans continue to
narrow the gap. 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.
SOYBEANS:
Soybean futures are 9 to 10 cents higher at midday with trade pushing to
fresh highs for the move as meal leads the product complex, although we have
pulled back from the session peak. Meal is 3.50 to 4.50 higher and oil is
narrowly mixed. South American weather remains a bit mixed with Brazil harvest
moving ahead and the extended forecast looking better for Argentina. Basis may
start finding a little better support if shipments continue to improve. The
daily wire was quiet with weekly sales expected to be in the 1.0 to 1.25 mmt
range. 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, which we are
just above at midday.
WHEAT:
Wheat futures are 5 to 15 cents higher at midday, with trade pushing back to
the upper end of the range again. The cheaper dollar is helping bring money
into commodities even with the slight rebound this morning as we hold just
above four-year lows. Weather for the Plains looks to warm back to seasonal
temps with overall moisture remaining limited for the west. Matif wheat is
firmer. Weekly export sales are expected to be in the 200,000 to 350,000 metric
ton (mt) range Thursday. 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
are above at midday.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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