DTN Midday Grain Comments 02/10 12:24

DTN Midday Grain Comments 02/10 12:24 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 7 to 8 cents higher at midday Friday; soybean futures are 8 to 10 cents higher; wheat futures are 12 to 30 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 7 to 8 cents higher at midday Friday; soybean futures are 8 to 10 cents higher; wheat futures are 12 to 30 cents higher. The U.S. stock market is mixed with the S&P off 7 points. The U.S. Dollar Index is 35 points higher. Interest rate products are weaker. Energies are firmer with crude up 1.70 and natural gas up .03. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold down $5.00. CORN: Corn futures are 7 to 8 cents higher at midday with spread action firming with trade popping back to the middle of the range with broad ag strength Friday morning. Ethanol margins remain in the recent range with blender margins still seeing short-term pressure with improvement just around the corner on spring and summer blends. Crop development will continue to be watched with mixed-to-dry weather short-term in Argentina, along with Brazil double-crop planting progress needing to catch up further with rain events backing off a little, which should help into next week. The daily export wire remained quiet to end the week. Basis has another round of softening in the central to the west but remains above average. On the March chart, resistance is at the $6.77 20-day moving average, which we are just above at midday, with the lower Bollinger Band at $6.68 below that as the range tightens up. SOYBEANS: Soybeans futures are 8 to 10 cents higher at midday with trade showing slightly firmer spread action and moving back into the middle of the range, following the lead of corn and wheat. Meal is narrowly mixed and oil is 95 to 105 points higher. The daily export wire has been quiet as the normal U.S. window starts to close seasonally. Trade will be looking for the Brazil export pace to pick up soon as harvest expands, but it remains slower than usual amid showers to the north with some relief possible next week to help progress. Argentina will be watched for further deterioration short-term, along with Southern Brazil, keeping support under the market with hit-or-miss coverage over the weekend. New crop is losing ground to corn again Friday. Basis remains mostly sideways near-term. March chart support is at the $15.19 20-day moving average, which we bounced from again, with the Upper Bollinger Band at $15.47. WHEAT: Wheat futures are 12 to 30 cents higher at midday with KC action retaking the lead with stronger spread action as we look for the fourth straight weekly gain with an uptick in Black Sea events with missiles over Moldova amongst other action. The Southern Plains will stay fairly warm for February with the more significant precipitation remaining to the east with more potential the second week for the Northern Plains while the southwest continues to struggle, with little change to the Black Sea conditions short-term. Matif wheat values are solidly higher as well, helping to add support. On the chart, KC March has support at the 20-day moving average at $8.63, which we are solidly above, with the recent high at $8.95 as resistance and the Upper Bollinger Band at $9.06, which we are testing at midday. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.