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DTN Midday Grain Comments 02/13 10:55
Corn, Wheat Futures Flat-Higher at Midday; Beans Flat-Lower
Corn futures are flat to a penny higher at midday Thursday; soybean futures
are flat to 2 cents lower; wheat futures are flat to 4 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are flat to a penny higher at midday Thursday; soybean futures
are flat to 2 cents lower; wheat futures are flat to 4 cents higher. The U.S.
stock market is firmer with the S&P 30 points higher. The U.S. Dollar Index is
65 points lower. The interest rate products are firmer. Energy trade is mixed
with crude .10 lower with natural gas .18 higher. Livestock trade is mixed with
cattle leading. Precious metals are firmer with gold up 15.00.
CORN:
Corn futures are flat to a penny higher at midday with choppy range bound
action continuing with mixed spread action as front month carry remains ample.
Ethanol margins continue to struggle with unleaded strength fading and corn
holding the upper end of the range. The daily wire was quiet with weekly sales
remaining strong at 1.649 million metric tons (mmt). Basis action should
flatten out with cold weather likely to limit off farm movement. On the March
chart, the 20-day moving average at $4.87 is resistance, which we are just
above at midday, with the Lower Bollinger Band at $4.76 further support.
SOYBEANS:
Soybeans are flat to 2 cents lower at midday with trade fading further into
support levels with mixed product action and Brazil harvest pressure continuing
to hang over the market. Meal is 1.00 to 2.00 lower and oil is 35 to 45 points
higher. South America weather doesn't show much near-term change from the
recent pattern with harvest to continue to expand in Brazil while Argentina
should stabilize further with the recent rains. The daily wire was quiet with
weekly sales poor at 185,500 metric tons (mt) of beans, 336,700 mt of meal and
-2,800 of oil. Basis is expected to remain flat to soft near term as the export
window closes further. On the March chart, trade has resistance at the 20-day
at $10.50, which we are consolidating below, with the Lower Bollinger Band at
$10.20 as the next level of support, which we are just above at midday.
WHEAT:
Wheat futures are flat to 4 cents higher at midday with KC action pushing
back towards $6.00 nearby with cold weather concerns likely to add some
support, while trade watches for Black Sea political and weather developments
after early momentum faded. Cold air with some snow is expected to work across
the Plains until warmer weather returns at the end of the forecast. MATIF wheat
is softer again after the pull back Wednesday. Weekly export sales were solid
at 569,900 mt. On the KC March chart, support is the 20-day at $5.80 with the
recent high at $6.14 as resistance.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
**
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13; 10:00-11:00 a.m. Friday, Feb. 14. All times Eastern Standard.
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