DTN Midday Grain Comments     01/13 11:06

   Soybean Futures Lower at Midday Tuesday; Corn Mixed; Wheat Flat-Lower

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 4 to 
5 cents lower; wheat futures are flat to 5 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 4 to 
5 cents lower; wheat futures are flat to 5 cents lower. The U.S. stock market 
is mixed at midday with the S&P 7 points lower. The U.S. Dollar Index is 30 
higher. The interest rate products are firmer. Energy trade is mixed with crude 
up 1.80 and natural gas is .03 lower. Livestock trade is mostly higher with 
cattle the upside leader. Precious metals are mixed with gold flat.

CORN:

   Corn futures are narrowly mixed with better action during the day session as 
the post-report follow-through selling eased. On the report, we saw yield at 
186.5 bushels per acre (bpa) versus 186.0 bpa last month; carryout at 2.227 
billion bushels (bb) versus 2.029 bb last month; and stocks at 13.282 bb versus 
12.962 bb expected. World stocks were up 11.7 million metric tons (mmt). 
Ethanol margins will improve with unleaded trending higher along with the 
cheaper corn. Basis will likely remain flat with good movement and ample 
supply. On the March chart, support is the fresh low at $4.17 with the 20-day 
moving average well above the market at $4.41.

SOYBEANS:

   Soybean futures are 4 to 5 cents lower at midday with oil leading the 
product complex with spillover pressure from corn and little fresh supportive 
news out there for now. Meal is 5.00 to 6.00 lower and oil is 100 to 110 points 
higher. On the report, we saw soybean yield unchanged at 53.0 bpa; carryout at 
350 million bushels (mb) versus 290 mb last month; and stocks at 3.29 bb versus 
3.25 bb expected. World stocks were up 2.0 mmt to 124.4 mmt. South American 
weather should remain a nonissue with some better recent rain coverage. Basis 
will likely remain flat in the short term. The daily export wire saw sales of 
168,000 metric tons to China and 152,404 metric tons to Mexico. On the March 
chart, resistance is the 20-day moving average at $10.62, with support the 
$10.38 recent low.

WHEAT:

   Wheat futures are flat to 5 cents lower at midday with Chicago wheat leading 
as we settled back to the lower end of the recent range. On the report, all 
wheat acres were 32.99 million versus 33.153 million last year; stocks were 926 
mb versus 901 mb last time; stocks at 1.675 bb versus 1.636 bb expected with 
carryout at 926 mb versus 901 mb last time; world stocks up 3.4 mmt. Weather 
for the Plains looks generally warm into this week with moisture limited in the 
short term. Matif wheat is flat to slightly higher. 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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