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DTN Midday Grain Comments     01/15 10:52

   Beans, Corn Lower at Midday; Wheat Mixed

   Corn is 1 to 2 cents lower, soybeans are 6 to 8 cents lower, and wheat is 1 
cent lower to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

   The U.S. stock market is weaker with the Dow down 130. The dollar index is 
48 points higher. Interest rate products are firmer. Energies are weaker with 
crude down $1.50. Livestock trade is mostly higher. Precious metals are weaker 
with gold off $27.50.


   Corn trade is 1 to 2 cents lower with early gains fading to weaker action 
during the day session with flat to weaker spread action and little fresh news 
outside 110,000 metric tons booked to Mexico. Ethanol margins will remain poor 
with soft demand, and no relief from corn values. Basis is likely to weaken 
further in the short term as fresh cash demand remains weak. On the March 
contract support is the 20-day at $4.80, with the next level up the upper 
Bollinger Band at $5.42, and the contract high at $5.41 1/2 just below that.


   Soybeans are 6 to 8 cents lower at midday with trade seeing pushes in both 
directionS and new crop gaining vs. the front months but losing a bit vs. corn 
on the new crop months, with confirmation of 368,000 metric tons of soybeans 
booked for new crop. Meal is flat to $1.00 lower and oil is 100 to 110 points 
lower. Basis has started to show pockets of weakness with crush likely to take 
precedence over shipping in coming weeks with crush margins narrowing overall 
although we have seen fresh bookings in recent days. Brazil should catch rains 
short term, with the better action sticking around in Argentina for now with 
labor unrest remaining an issue. The March chart has resistance at the fresh 
high at $14.38 then the upper Bollinger Band at $14.58, with support the 20-day 
at 13.21.


   Wheat trade is 1 cents lower to 5 cents higher at midday with trade spiking 
on confirmation of Russian export tax hikes near term, with the possibility of 
extending taxes post harvest before fading during the day session. The dollar 
remains above 90 on the index with solid buying this morning. The Plains are 
expected to see limited moisture with cold scares remaining limited for now. 
Kansas City is at 29-cent discount to Chicago after hitting the tightest level 
in weeks and then reversing, with Minneapolis at -29 tightening back up from 
early weakness. Kansas City March chart support is the 20-day at $5.98, and 
resistance is the fresh high at $6.60.

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