DTN Midday Grain Comments 02/14 10:56

DTN Midday Grain Comments 02/14 10:56 Corn, Soybeans, Wheat Lower at Midday Wednesday Corn trade is 6-7 cents lower. Beans are 5-6 cents lower and wheat trade is 8-14 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 20 points higher. The dollar index is 20 points lower. The interest rate products are firmer. Energies have crude .40 lower and natural gas .06 lower. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold down $4. CORN: Corn trade is 6-7 cents lower at midday with broad risk-off action in the Ags with trade falling again to a fresh set of lows with oversold conditions deepening. The weekly ethanol report showed production surging again to the recent highs with gains of 50,000 barrels per day and stocks sharply higher again by 1.031 million barrels. The daily wire was quiet again with weekly sales expected to be in the 700,000-950,000 metric ton (mt) range. Basis has stayed steady as we head towards the end of the month and the farmer position is expected to weigh further. On the March chart, the 20-day at $4.41 1/4 is nearby resistance with the lower Bollinger Band at $4.26 just above the $4.23 fresh low as support. SOYBEANS: Soybean trade is 5-6 cents lower at midday with trade seeing a fresh low scored as well with trade able to come a bit off the lows with flat to firmer spread action along with product trade turning mixed again. Meal is $1.50 to $2.50 higher and oil is 50 to 60 points lower. South American weather should continue to the recent pattern into mid-month with harvest expanding. The daily wire remained quiet with the export window likely closed for significant old crop action with weekly sales expected to be in the 150,000-300,000 mt range. Basis should remain flat short term domestically. March soybeans have resistance at the 20-day moving average at $12.05. The $11.75 1/4 fresh low is nearby support with the lower Bollinger Band just below that at 11.70. WHEAT: Wheat trade is 8-14 cents lower at midday with trade washing out to the bottom of the range overnight and spread action easing slightly and Chicago continuing to trade ahead of KC action with trade able to come off the lows a little at midday. The Plains will see warmer-than-normal temps persist with drier weather this week which could drive early growth and leave it vulnerable to a later cold snap. The dollar remains elevated with Matif wheat holding off the recent lows. Weekly export sales are expected to be in the 200,000-350,000 mt range. On the KC March chart, resistance is at the 20-day moving average of $6.13 which we are now well below. Support is the fresh low at $5.78 with the lower Bollinger Band just above that at $5.86. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.