DTN Midday Grain Comments 02/13 11:03

DTN Midday Grain Comments 02/13 11:03 Corn, Soybean, Wheat Futures Higher at Midday Corn trade is 3 to 4 cents higher; beans are 5 to 6 cents higher, and wheat trade is 1 to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P up 30 points. The dollar index is 25 points higher. Interest rate products are mostly higher. Energies are mostly weaker with crude off .50 and natural gas off .06. Livestock trade is mixed. Precious metals are mixed with gold down $10.00. CORN: Corn trade is 3 to 4 cents higher at midday with trade firming off the light early weakness to be near the recent highs this morning. Ethanol margins remain little changed as we wait for spring driving season with production likely to remain a bit soft short term. Crop development will continue to be watched with Argentina seeing some shower activity after the weekend heat, along with Brazil double crop planting progress likely to continue to struggle as a whole. The daily export wire remained quiet to start this week with weekly export inspections still pretty soft at 511,506 metric tons. Basis has remained flat to weaker in recent days. On the March chart, support is at the $6.77 20-day moving average which we closed just above Friday with the lower Bollinger Band at $6.68 below that as the range tightens up serving as further support, with the Upper Bollinger Band just above the market at $6.86 as the range coils further which we are just below at midday. SOYBEANS: Soybeans are 5 to 6 cents higher at midday with two-sided action after a fresh high was scored for the nearby contract with support from South American weather. Meal is 7.50 to 8.50 higher, and oil is 45 to 55 points lower. The daily export wire will need to show more life in the late export window with nothing today and weekly inspections easing a little to 1.555 million metric tons as we stay slightly ahead of the year-ago pace. Trade will be looking for the Brazil export pace to pick up soon as harvest expands but it will likely remain slowed by showers this week, with Argentina still needing broader rains to stabilize the crop. New crop is gaining a little vs. corn so far but remains well short of ratios that will swing acres. Basis remains mostly sideways near term. March chart support is at the $15.21 20-day which we bounced from again, with the Upper Bollinger Band at $15.52 which we tested this AM with a new high at 15.55 1/2. WHEAT: Wheat trade is 1 to 7 cents higher at midday with trade continuing the uptick in recent volatility with trade nearing overbought conditions in the Upper End of the range after the recent rally with Chicago the upside leader so far after KC led Friday. The KC wheat areas should see broad moisture for the northern and eastern areas this week with some follow-up behind it with temps mostly above normal, while the Black Sea situation will be watched for further development. Matif wheat values are firmer this AM as well. Weekly export inspections were decent at 427,327 metric tons as well. On the chart, KC March has support at the 20-day moving average at $8.67 which we are solidly above, with the fresh high at $9.14 1/2 as resistance with the Upper Bollinger Band at $9.17. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.