DTN Midday Grain Comments 02/05 10:50

DTN Midday Grain Comments 02/05 10:50 Corn, Soybeans Higher, Wheat Lower at Midday Monday Corn trade is 1-2 cents higher. Beans are 3-4 cents higher and wheat trade is 6-9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday with the S&P 30 points lower. The dollar index is 65 points higher. The interest rate products are weaker. Energies have crude down .20 and natural gas is .02 lower. Livestock trade is mostly lower. Precious metals are weaker with gold 18.20 lower. CORN: Corn trade is 1-2 cents higher at midday with trade firming back from the overnight weakness to stay in the middle of the recent range. Ethanol margins should find support with signs of increased driving demand with the warmer February weather so far along with spring blends phasing in. South American weather pattern remains in line for recent days with rains in the recently drier area later in the week. The daily wire saw 155,000 metric tons (mt) sold to Mexico, with weekly export inspections softer at 624,295 mt. Basis will likely see some pressure as movement picks up with the improved weather. On the March chart, the 20-day at $4.48 is nearby resistance with the lower Bollinger Band at $4.36 3/4, just above the $4.36 1/2 fresh low as support. SOYBEANS: Soybean trade is 3-4 cents higher at midday with product action firming with trade working back again from the fresh low scored overnight. Meal is $3 to $4 higher and oil is 40 to 50 points higher. The short-term weather pattern in South America should bring relief to the recently dry southern areas later in the week while early harvest continues to expand. The daily wire was quiet today with weekly export inspections improved at 1.426 million mt. Basis should remain flat short term. The March soybean chart has resistance at the 20-day moving average at $12.19 3/4. The $11.82 fresh low is nearby support with the lower Bollinger Band just below the market at 11.81. WHEAT: Wheat trade is 6-9 cents lower at midday with trade fading back to the lower end of the recent range as the dollar makes fresh highs. The Plains will see warmer-than-normal temps this week after some weekend rains. Matif wheat remains just off the lows with selling this morning and the dollar is at fresh highs for the move. Weekly export inspections were disappointing at 266,926 mt. On the KC March Chart, support is at the 20-day moving average of $6.17. Resistance is the recent high at $6.39. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.