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DTN Midday Grain Comments 02/06 10:51
Corn Futures Lower at Midday Friday; Soybeans Higher; Wheat Mixed
Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 19
to 21 cents higher; wheat futures are narrowly mixed.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 19
to 21 cents higher; wheat futures are narrowly mixed. The U.S. stock market is
sharply higher at midday with the S&P 95 higher. The U.S. Dollar Index is 30
points lower. The interest rate products are weaker. Energy trade is firmer
with crude .80 higher and natural gas .06 higher. Livestock trade is firmer
with cattle sharply higher. Precious metals are mixed with gold up 70.00.
CORN:
Corn futures are 1 to 2 cents lower at midday with corn action struggling to
extend the recent range into the weekend. Ethanol margins remain solid with
little change this week. The export wire was quiet today. Basis will likely
remain flat in the short term. New-crop price ratios continue to shift toward
beans with the move continuing to extend. On the March chart, support is the
20-day moving average at $4.30, with $4.38 the next level up where support was
before the January slide.
SOYBEANS:
Soybean futures are 19 to 21 cents higher at midday with action fading just
of the highs. Meal is 3.50 to 4.50 higher and oil is flat to 10 points higher.
Brazil harvest will continue to move ahead with Argentina dryness lingering
still. Basis may start finding a little better support if further export
business gets locked in for late winter/early spring movement. The daily wire
was quiet with fresh commitments likely to take some time to materialize. On
the March chart, support is the prior resistance at $10.77 with the high at
$11.37 3/4 new resistance.
WHEAT:
Wheat futures are narrowly mixed with the recent range holding. Weather for
the Plains looks to warm back to seasonal temps with overall moisture expected
to improve the second week, as the east/west warm cold pattern possibly shifts
into midmonth. Matif wheat has faded off the upper end of the range so far
today. On the KC March chart, support is the 20-day moving average at $5.30,
with resistance the fresh high at $5.50 touched last week.
**
NOTE: Hear DTN Lead Analyst Rhett Montgomery and Ag Meteorologist John
Baranick at the National Farm Machinery Show, Feb. 11-13, in Louisville,
Kentucky. Their daily Weather and Markets Outlook sessions are at 10:00 a.m.
EST, in Room B102, South Wing of the Kentucky Exposition Center. Note, this is
a different room than previous years. You'll also learn about new digital
products DTN is developing. Look forward to seeing you in Louisville!
**
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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