DTN Midday Grain Comments     01/15 11:02

   Soybean Futures Higher at Midday Thursday; Corn, Wheat Mixed

   Corn futures are narrowly mixed at midday Thursday; soybean futures are 10 
to 11 cents higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Thursday; soybean futures are 10 
to 11 cents higher; wheat futures are narrowly mixed. The U.S. stock market is 
firmer at midday with the S&P 45 points higher. The U.S. Dollar Index is 20 
points higher. The interest rate products are mixed. Energy trade is weaker 
with crude off 2.95 and natural gas is .07 lower. Livestock trade is firmer. 
Precious metals are mixed with gold 18.00 lower.

CORN:

   Corn futures are narrowly mixed at midday as we continue to edge away from 
the post-report lows with early strength fading again. Ethanol margins continue 
to hold recent gains even as unleaded sets back. On the daily export wire, USDA 
reported 260,000 metric tons of corn received in the reporting period for 
delivery to Japan during the 2025/2026 marketing year and 500,302 metric tons 
of corn received in the reporting period for delivery to unknown destinations 
during the 2025/2026 marketing year. Weekly export sales were solid at 1.140 
million metric tons (mmt) of old crop. Basis will likely remain flat with good 
movement and ample supply. New-crop price ratios continue to favor corn. On the 
March chart, support is the fresh low at $4.17 with the 20-day moving average 
well above the market at $4.39.

SOYBEANS:

   Soybean futures are 10 to 11 cents higher at midday with oil surging again 
to carry action back toward nearby resistance. Meal is 2.00 to 3.00 lower and 
oil is 170 to 180 points higher. South American weather should remain a 
nonissue with relief for most of the driest areas in recent days. Basis will 
likely remain flat in the short term as we head toward early harvest in first 
planted areas in South America. On the daily export wire, USDA reported 204,000 
metric tons of soybeans sold for delivery to China during the 2025/2026 
marketing year and 110,000 metric tons of soybeans for delivery to unknown 
destinations during the 2025/2026 marketing year. Weekly export sales strong at 
2.06 mmt old crop, meal was good at 334,500 and oil solid at 14,300. On the 
March chart, resistance is the 20-day moving average at $10.58, with support 
the $10.37 3/4 fresh low from Tuesday.

WHEAT:

   Wheat trade is narrowly mixed with early strength fading as we continue to 
chop around nearby support levels with little other fresh news for wheat along 
with the firmer dollar adding resistance. Weather for the Plains looks cool 
into the weekend with moisture limited in the short term. Matif wheat is firmer 
overnight. Weekly export sales were softer at 156,300 metric tons. 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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