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DTN Midday Grain Comments 02/18 11:00
Corn, Soybean, Wheat Futures Higher at Midday
Corn futures are 5 to 6 higher at midday Tuesday; soybean futures are 2 to 3
cents higher; wheat futures are 7 to 8 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 5 to 6 higher at midday Tuesday; soybean futures are 2 to 3
cents higher; wheat futures are 7 to 8 cents higher. The U.S. stock market is
mixed with the S&P 4 points higher. The U.S. Dollar Index is 21 points higher.
The interest rate products are weaker. Energy trade is firmer with crude .90
higher with natural gas .07 higher. Livestock trade is mostly higher with hogs
leading. Precious metals are mixed with gold up 45.00.
CORN:
Corn futures are 5 to 6 cents higher at midday with trade pressing past the
$5.00 area on the front month with trade scoring fresh highs despite softer
spread action. Ethanol margins continue to struggle with unleaded strength
fading and corn holding the upper end of the range with colder weather likely
to suppress driving demand through the middle of the week. Export inspections
were strong at 1.611 million metric tons (mmt) with year-to-date pace at 135%
of a year ago. Basis action should flatten out with cold weather likely to
limit off-farm movement. On the March chart, the 20-day moving average at $4.90
is support with the fresh high at $5.02 1/4 as resistance.
SOYBEANS:
Soybean futures are 2 to 3 cents higher at midday with early overnight
weakness turning to buying with light product strength as we consolidate
further below nearby resistance. Meal is flat to 1.00 higher and oil is 50 to
60 points higher. South America would continue to see harvest progress in
Brazil and little change to the pattern in Argentina. Weekly export inspections
slowed seasonally to 720,332 metric tons (mt). 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 moving average at $10.50, which we are
consolidating below, with the Lower Bollinger Band at $10.25 as the next level
of support.
WHEAT:
Wheat futures are 7 to 8 cents higher with firmer action through the day
session after the early weakness as trade scores fresh highs for the move. Cold
air with some snow is expected to sit over the Plains until warmer weather
returns this weekend. MATIF wheat is firming back to the upper end of the range
after the weakness last week. Weekly export inspections were soft at 249,812
mt. On the KC March chart, support is the 20-day moving average at $5.87 with
the fresh high at $6.29 1/4 as resistance.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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