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DTN Midday Grain Comments 02/18 10:46
Soybean, Wheat Futures Higher at Midday Wednesday; Corn Mixed
Corn futures are narrowly mixed at midday Wednesday; soybean futures are 2
to 3 cents higher; wheat futures are 4 to 8 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are narrowly mixed at midday Wednesday; soybean futures are 2
to 3 cents higher; wheat futures are 4 to 8 cents higher. The U.S. stock market
is firmer at midday with the S&P 60 points higher. The U.S. Dollar Index is 30
points higher. The interest rate products are weaker. Energy trade is mixed
with crude up 2.10 and natural gas is off .05. Livestock trade is firmer after
early weakness. Precious metals are sharply higher with gold 110.00 higher.
CORN:
Corn futures are narrowly mixed at midday with trade remaining rangebound
overall as we chop along just short of $4.30 nearby with spread action turning
a little softer. Ethanol margins should continue to support strong production
runs in the short term with the weekly production report delayed until
Thursday. Basis will likely remain flat in the short term. New-crop price
ratios are edging toward soybeans but not enough to seriously swing acres yet.
On the March chart, support is the 20-day moving average at $4.28, which we are
just below at midday, with resistance the recent high at $4.34 1/2.
SOYBEANS:
Soybean futures are 2 to 3 cents higher at midday with trade edging to a
fresh high by a couple of cents before fading during the day session with trade
remaining overbought. Meal is 1.00 to 2.00 lower and oil is 110 to 120 points
higher scoring fresh highs as well. Brazil harvest will roll along with some
recent rains in Argentina helping set up the finish of the crop. Basis may
start finding a little better support if shipments continue to improve through
late winter. On the March chart, support is $10.94, where we find the 20-day
moving average, with the fresh high at $11.44 as resistance.
WHEAT:
Wheat futures are 4 to 8 cents higher at midday with trade again bouncing
off support to push back toward the upper end of the range with good buying so
far during the day session. Weather for the Plains looks to stay warmer than
normal with better moisture the second half of the month. Matif wheat is a bit
firmer as well. On the KC March chart, support is the 20-day moving average at
$5.36 that we tested Tuesday with resistance the fresh high at $5.55.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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