DTN Midday Grain Comments 02/14 10:52

DTN Midday Grain Comments 02/14 10:52 Soybean Futures Lower at Midday; Corn Mixed; Wheat Flat to Higher Corn futures are narrowly mixed at midday Tuesday; soybean futures are 4 to 6 cents lower; wheat futures are flat to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Tuesday; soybean futures are 4 to 6 cents lower; wheat futures are flat to 5 cents higher. The U.S. stock market is weaker with the S&P off 35 points. The U.S. Dollar Index is 8 points lower. Interest rate products are weaker. Energies are mixed with crude off 1.00 and natural gas up .16. Livestock trade is mostly lower. Precious metals are mixed with gold down $3.00. CORN: Corn futures are narrowly mixed with softer spread action as we fade back from a test of the high end of the range with little fresh news. Ethanol margins remain little changed as we wait for spring driving season. Production is likely to remain a bit soft short-term with the bounce in natural gas to crimp producer margins if maintained. Crop development will continue to be watched with Argentina seeing some shower activity after weekend heat, along with Brazil double-crop planting progress likely remaining slow with wetter then cooler temps. The daily export wire remained quiet again with corn unable to find fresh business in recent days. Basis has remained flat to weaker in recent days. On the March chart, support is at the $6.78 20-day moving average, which we bounced from Tuesday 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 $6.88 as the range coils further, which we are just below at midday. SOYBEANS: Soybean futures are 4 to 6 cents lower at midday with trade backing off the upper end of the range again after fresh highs were scored Monday with mixed spread action so far and support showing on early weakness. Meal is flat to $1.00 lower and oil is 20 to 30 points lower. The daily export wire will need to show more life in the late export window with nothing again today, but some talk of sales getting done that will show later in the week. Trade will be looking for the Brazil export pace to pick up soon, but harvest expansions will remain slow in the near term, with Argentina still needing broader rains to stabilize the crop. New crop is gaining a little versus corn so far again Tuesday, 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 moving average, with the Upper Bollinger Band at $15.52, which we tested Monday with a new high at 15.55 1/2. WHEAT: Wheat futures are flat to 5 cents higher with KC action leading at midday as we score fresh highs for the move at the upper end of the range with spread action mixed so far. The KC wheat areas should see broad moisture for the northern and eastern areas this week with some follow-up behind it snow-wise for a broader area with temps seasonal to above normal for the balance of the month, while the Black Sea situation will be watched for further developments. Matif wheat values are firmer as well. On the chart, KC March has support at the 20-day moving average at $8.70, which we are solidly above, with the fresh high at $9.21 1/4 as resistance with the Upper Bollinger Band at $9.25. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.