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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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