DTN Midday Grain Comments 02/15 10:53

DTN Midday Grain Comments 02/15 10:53 Corn, Soybeans Lower, Wheat Mixed at Midday Wednesday Corn trade is 2-3 cents lower. Beans are 7-8 cents lower and wheat trade is 5 cents lower to 2 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 5 points higher. The dollar index is 25 points lower. The interest rate products are firmer. Energies have crude 1.30 higher and natural gas .01 lower. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $8. CORN: Corn trade is 2-3 cents lower at midday with trade grinding along the lower end of the range with oversold conditions still in place with early two-sided action giving way to selling again. Ethanol margins remain stable with unleaded phasing in spring blends and cheaper natural gas helping to support margins. The daily wire was quiet again with weekly sales stronger at 1.307 million metric tons. The USDA outlook forum placed acres at 91.0 million with yield at 181.0 BPA and new crop carryout just above 2.5 billion bushels. 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 $4.40 is nearby resistance with the lower Bollinger Band at $4.24 just above the $4.23 fresh low as support. SOYBEANS: Soybean trade is 7-8 cents lower at midday with early gains fading again as product action continues to drift lower with meal and oil both back to the lower end of the range. Meal is $1.50 to $2.50 lower and oil is 40 to 50 points lower. South American weather should continue to the recent pattern into midmonth with harvest moving along. The daily wire remained quiet with weekly sales remaining soft at 338,500 metric tons (mt) of beans, 203,400 of meal and 0 of oil. The outlook forum placed acres at 87.5 million with yield at 87.5 million acres with yield at 52.0 BPA and 435-million-bushel carryout. Basis should remain flat short term domestically. The March soybeans have resistance at the 20-day moving average of $12.10. The $11.62 fresh low is nearby support with the lower Bollinger Band just above that at 11.70. WHEAT: Wheat trade is 5 cents lower to 2 cents higher with pressure continuing as we head towards oversold conditions again and trade holds nearby spread strength in KC and Chicago action. 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 but off the highs with Matif wheat holding off the recent lows but unable to sustain forward momentum. The Outlook Forum put total wheat acres at 47.0 million, down from 49.6 last year. Weekly export sales were in line with recent weeks at 349,300 mt. On the KC March chart, resistance is at the 20-day moving average of $6.12, which we are now well below. Support is the fresh low at $5.74 with the lower Bollinger Band just above that at $5.83. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.