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DTN Midday Grain Comments 02/03 10:55
Corn, soybean Futures Higher at Midday Tuesday; Wheat Mixed
Corn futures are 2 to 3 cents higher at midday Tuesday; soybean futures are
5 to 6 cents higher; wheat futures are narrowly mixed.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 2 to 3 cents higher at midday Tuesday; soybean futures are
5 to 6 cents higher; wheat futures are narrowly mixed. The U.S. stock market is
weaker at midday with the S&P 75 lower. The U.S. Dollar Index is 20 lower. The
interest rate products are weaker. Energy trade is firmer with crude up .70 and
natural gas is .12 higher. Livestock trade is firmer across the board with back
month cattle leading. Precious metals are sharply higher with gold 337.00
higher.
CORN:
Corn futures are 2 to 3 cents higher at midday with firmer spread action as
rangebound trade continues. Ethanol margins should remain stable in the short
term. Basis will likely remain flat in the short term. New-crop price ratios
continue to favor corn, but beans are gaining again Tuesday morning. On the
March chart, support is the recent low at $4.17 with the 20-day moving average
above the market at $4.29, which we have faded from in recent days.
SOYBEANS:
Soybean futures are 5 to 6 cents higher at midday with trade bouncing off
the support areas tested Monday with oil snapping back to the upper end of the
range. Meal is 1.00 to 2.00 lower and oil is 90 to 100 points higher. Brazil
harvest will continue to expand with early yields strong and Argentina is
seeing improvement but some short-term dryness lingering. Basis may start
finding a little better support if shipments continue to improve. On the March
chart, support is the 20-day moving average at $10.60, which we bounced from
Monday, with resistance the Upper Bollinger Band at $10.77.
WHEAT:
Wheat futures are narrowly mixed at midday with Chicago action leading as
the dollar gains slow and trade works to consolidate the upper end of the range
further. Weather for the Plains looks to warm back to seasonal temps with
overall moisture expected to improve next week. Matif wheat is firmer so far
Tuesday as it holds the top end of the range as well. On the KC March chart,
support is the 20-day moving average at $5.30 with resistance the fresh high at
$5.50 touched Friday.
**
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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