DTN Midday Grain Comments     02/17 10:52

   Corn, Wheat Futures Lower at Midday Tuesday; Soybeans Higher

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 2 
to 3 cents higher; wheat futures are 3 to 11 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 2 
to 3 cents higher; wheat futures are 3 to 11 cents lower. The U.S. stock market 
is mixed at midday with the S&P 5 points lower. The U.S. Dollar Index is 45 
points higher. The interest rate products are mixed. Energy trade is weaker 
with crude off .55 and natural gas is off .18. Livestock trade is firmer but 
off the early highs. Precious metals are sharply lower with gold 140.00 lower.

CORN:

   Corn futures are 4 to 5 cents lower at midday with firmer spread action as 
overall rangebound action continues. Ethanol margins should continue to support 
strong production runs in the short term. Weekly export inspections were strong 
at 1.492 million metric tons (mmt) with year-to-date pace holding at 144%. 
Basis will likely remain flat in the short term. New-crop price ratios are 
edging back toward corn today but soybeans are more competitive for marginal 
acres now. On the March chart, support is the 20-day moving average at $4.28, 
which we are testing 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 holding the 
upper end of the range and momentum slowing overall with overbought conditions 
in place. Meal is 3.00 to 4.00 lower and oil is 40 to 50 points higher. Brazil 
harvest will roll along with some recent rains in Argentina easing some of the 
drier areas. Basis may start finding a little better support if shipments 
continue to improve through late winter. Weekly export inspections were solid 
at 1.203 mmt with year-to-date pace at 68%. On the March chart, support is 
$10.89, where we find the 20-day moving average, with the fresh high at $11.41 
1/2 as resistance.

WHEAT:

   Wheat futures are 3 to 11 cents lower at midday with Chicago the downside 
leader after briefly inverting the front-month spreads on strong cash action to 
close last week. Weather for the Plains looks to stay warmer than normal with 
better moisture the second half of the month. Matif wheat is a bit weaker after 
a solid Monday. Weekly export inspections remain solid at 375,402 metric tons 
with year-to-date pace at 119%. On the KC March chart, support is the 20-day 
moving average at $5.36, which we tested overnight, 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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