DTN Midday Grain Comments     01/13 11:03

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 5 to 6 cents higher at midday Monday; soybean futures are 
16 to 17 cents higher; wheat futures are 4 to 9 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents higher at midday Monday; soybean futures are 
16 to 17 cents higher; wheat futures are 4 to 9 cents higher. The U.S. stock 
market is mixed with the S&P down 33 points. The U.S. Dollar Index is 30 points 
higher. The interest rate products are weaker. Energy trade is firmer with 
crude up 2.00 with natural gas .02 higher. Livestock trade is mixed with hogs 
leading. Precious metals are weaker with gold off 30.00.

CORN:

   Corn futures are 5 to 6 cents higher at midday with trade extending the 
post-report gains to start the week, scoring fresh highs for the move again. On 
the report, corn yield came in a 179.3 bushels per acre (bpa) versus 182.7 bpa 
expected; carryout was 1.540 billion bushels (bb) versus 1.738 bb expected; 
stocks were at 12.074 bb versus 12.147 bb expected. Ethanol margins are getting 
support from unleaded firming, but corn gains continue to limit upside. Weekly 
export inspections were strong at 1.441 million metric tons (mmt), with 
year-to-date pace at 126% of last year. Basis action has remained flat to 
softer in the short term. On the March chart, the 20-day moving average at 
$4.52 is support with the fresh high at $4.77 as resistance.

SOYBEANS:

   Soybean futures are 16 to 17 cents higher at midday with trade just off the 
highs of the day. Meal is helping lead the product complex as we work to 
consolidate post-report gains. Meal is 5.50 to 6.50 higher and oil is flat to 
10 points higher. On the report, we saw yield at 50.7 bpa versus 51.6 bpa 
expected; carryout at 380 million bushels (mb) versus 459 mb expected; and 
stocks at 3.1 bb versus 3.208 bb expected. South America weather looks to stay 
with the recent pattern with issues still confined to Argentina. The daily 
export wire saw 198,000 metric tons (mt) sold to China. Weekly export 
inspections were solid at 1.350 mmt with year-to-date pace at 122% of a year 
ago. Basis will likely soften a bit in the short term. On the March chart, 
trade has support at the 20-day moving average at $9.92, which has held so far 
this week, with the fresh high at $10.46 1/2, the next level of resistance.

WHEAT:

   Wheat futures are 4 to 9 cents higher at midday with Chicago action leading. 
Trade is pushing back to nearby resistance as it battles the stronger dollar, 
which continues to limit upside while row-crop strength adds support. The 
Plains are expected to moderate temperature-wise this week before some more 
potential cold with further moisture -- limited for now. On the report, trade 
saw stocks at 1.570 bb versus 1.565 bb expected; carryout at 798 mb versus 800 
mb expected; winter wheat acres at 34.115 versus 33.36 million expected. MATIF 
wheat is slightly higher Monday. Weekly export inspections were solid at 
288,895 metric tons. On the KC March chart, resistance is the 20-day moving 
average $5.52, which we are just above at midday, with the Lower Bollinger Band 
at $5.39 as further support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

    

    




(c) Copyright 2025 DTN, LLC. All rights reserved.