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DTN Midday Grain Comments 02/19 11:03
Corn, Soybean Futures Higher at Midday; Wheat Flat-Lower
Corn futures are 1 to 2 higher at midday Wednesday; soybean futures are 4 to
5 cents higher; wheat futures are flat to 8 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 higher at midday Wednesday; soybean futures are 4 to
5 cents higher; wheat futures are flat to 8 cents lower. The U.S. stock market
is flat to lower with the S&P 2 points lower. The U.S. Dollar Index is 21
points higher. The interest rate products are mixed. Energy trade is firmer
with crude .80 higher with natural gas .21 higher. Livestock trade is mixed
with live cattle leading. Precious metals are weaker with gold off 8.00.
CORN:
Corn futures are 1 to 2 cents higher at midday with trade seeing light,
two-sided action as we consolidate the upper end of the range, holding March
above $5.00. Ethanol margins will remain tight with the weekly report delayed
until Thursday, and production likely to fall with the cold weather this week.
Basis action should find some strength with winter weather slowing movement. On
the March chart, the 20-day moving average at $4.90 is support with the fresh
high at $5.04 1/2 as resistance.
SOYBEANS:
Soybean futures are 4 to 5 cents higher at midday with meal leading the
product complex as we press back toward nearby resistance. Meal is 2.00 to 3.00
higher and oil is 45 to 55 points lower. January crush pace backed off a little
from December but was 7.9% ahead of a year ago. South America would continue to
see harvest progress north, with further relief rains south. Basis is expected
to remain flat to soft in the near term as the export window closes further. On
the March chart, trade has resistance at the 20-day moving average at $10.49,
which we are consolidating below, with the Lower Bollinger Band at $10.25 as
the next level of support.
WHEAT:
Wheat futures are flat to 8 cents lower at midday with trade fading back
from the highs again overnight with winter wheats the downside leader as we
ease overbought conditions. Cold air with some snow is expected to sit over the
Plains until warmer weather returns this weekend with good snow cover for much
of the Plains. MATIF wheat is weaker to start after the bounce Tuesday while we
wait further Black Sea developments. On the KC March chart, support is the
20-day moving average at $5.90 with the fresh high at $6.30 1/2 as resistance.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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