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DTN Midday Grain Comments 02/11 10:49
Corn, Soybean, Wheat Futures Higher at Midday
Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are
6 to 7 cents higher; wheat futures are 4 to 8 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are
6 to 7 cents higher; wheat futures are 4 to 8 cents higher. The U.S. stock
market is mixed with the S& P 2 points lower. The U.S. Dollar Index is 28
points lower. The interest rate products are weaker. Energy trade is firmer
with crude .90 higher with natural gas .12 points higher. Livestock trade is
mixed with hogs leading. Precious metals are weaker with gold off .40.
CORN:
Corn futures are 4 to 5 cents higher at midday, pushing back toward the
highs ahead of the February WASDE report at 11 a.m. CST. On the report, trade
is looking for domestic carryout at 1.521 billion bushels (bb) versus 1.540 bb
last month, with a slight decline for South American production. Ethanol
margins continue to struggle with the unleaded rebound not enough to
substantially boost blender margins yet. Basis action is expected to remain
soft into potential storms limiting short-term movement. On the March chart,
the 20-day moving average at $4.87 is support, which we held for now, with the
fresh high at $4.98 1/2 as resistance.
SOYBEANS:
Soybean futures are 6 to 7 cents higher at midday with trade edging back
through nearby resistance in pre-report action. Meal is .50 to 1.50 lower and
oil is 65 to 75 points higher. On the WASDE report, trade is looking for
domestic carryout at 376 million bushels (mb) versus 380 mb last month, with
South American production down slightly. South America weather doesn't show
much near-term change from the recent pattern with harvest to continue to
expand in Brazil. 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 $10.51, which we are just above at midday, with
the fresh high at $10.79 3/4, the next level of resistance.
WHEAT:
Wheat futures are 4 to 8 cents higher at midday with trade finding light
buying pre-report after pulling off the highs to start the week. On the report,
trade is looking for domestic carryout at 801 mb versus 798 mb last month with
world stocks unchanged. Cold air with some snow is expected to work across the
Plains over the next week, which should keep some support under the market.
MATIF wheat is mixed Tuesday morning, holding the upper end of the range as
well. Black Sea cash offers are expected to remain firm in the short term. On
the KC March chart, support is the 20-day moving average at $5.77 with the
fresh 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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scheduled for 2:30-3:30 p.m. Wednesday, Feb. 12; 8:30-10:00 a.m. Thursday, Feb.
13; 10:00-11:00 a.m. Friday, Feb. 14. All times Eastern Standard.
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