DTN Midday Grain Comments 02/12 10:48

DTN Midday Grain Comments 02/12 10:48 Corn and Beans Higher, Wheat Mixed at Midday Morning Corn trade is 1-2 cents higher at midday Monday. Beans are 9-11 cents higher and wheat trade is narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 15 points higher. The dollar index is 2 points higher. The interest rate products are mixed. Energies are narrowly mixed. Livestock trade is mostly lower. Precious metals are mixed with gold down $10. CORN: Corn trade is 1-2 cents higher at midday with trade working to firm from another set of fresh lows Friday to start the week with oversold conditions still in place and little other fresh news. Ethanol margins should remain range-bound short term with unleaded holding up well with spring driving season right around the corner. The daily wire was quiet to start the week with weekly export inspections improved a bit at 880,074 metric tons (mt). Basis will likely see some pressure as movement picks up ahead of the March contract expiring and farmers holding a large position. On the March chart, the 20-day at $4.42 3/4 is nearby resistance with the lower Bollinger Band at $4.30 just above the $4.28 1/4 fresh low as support. SOYBEANS: Soybean trade is 9-11 cents higher at midday with firmer spread action and meal leading the product complex as South America continues to press into harvest. Meal is $8 to $9 higher and oil is 30-40 points lower. South American weather should continue in the recent pattern into mid-month. The daily wire was quiet today with weekly export inspections improved at 1.326 million metric tons (mmt) and the prior week being revised higher. Basis should remain flat short-term domestically. The March soybeans have resistance at the 20-day moving average at $12.09. The $11.76 1/4 fresh low is nearby support with the lower Bollinger Band just above that at 11.76. WHEAT: Wheat trade is narrowly mixed at midday with trade working to build back from the lower end of the range with firm spread action as Chicago is trading near even with KC action up front. The Plains will see warmer-than-normal temps persist with drier weather this week. A cold snap in March could be a problem if we keep this warmer-than-normal trend going into the end of the month. The dollar remains elevated with Matif wheat holding just off the fresh lows scored last week. Weekly export inspections improved a bit at 407,476 mt. On the KC March chart, resistance is at the 20-day moving average at $6.15 which we faded from last week. Support is the lower Bollinger Band at 5.92. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.