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DTN Midday Grain Comments 02/16 10:48

16 Feb 2024
DTN Midday Grain Comments 02/16 10:48 Corn, Lower, Beans Mixed at Midday Friday Corn trade is flat to 2 cents lower; beans are 6-8 cents higher and wheat trade is 4-10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday Friday with the S&P 1 point higher. The dollar index is 1 point higher. The interest rate products are weaker. Energies have crude .30 higher and natural gas .03 higher. Livestock trade is mixed with cattle sharply higher. Precious metals are firmer with gold up $8. CORN: Corn trade is flat to 2 cents lower with trade trying to find footing once again at fresh lows with little other news and early gains fading again and trade remaining heavily oversold. Ethanol margins remain stable with unleaded phasing in spring blends and cheaper natural gas helping to support margins along with corn at the lows. The daily wire was quiet again today. 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 month's end and the farmer position is expected to weigh further. Early second-crop corn planting in Brazil is moving along at a good clip. On the March chart, the 20-day at $4.38 is nearby resistance with the lower Bollinger Band at $4.24, just above the $4.16 1/2 fresh low as support. SOYBEANS: Soybean trade is 6-8 cents higher with meal leading the product complex so far with little fresh news to drive the market as we try to ease oversold conditions into the long weekend. Meal is $4 to $5 higher and oil is 40 to 50 points lower. South American weather should continue in the recent pattern into mid-month with harvest moving along. The daily wire remained quiet to close the week. 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 at $12.10. The $11.62 fresh low is nearby support with the lower Bollinger Band just below that at 11.55. WHEAT: Wheat trade is 4-10 cents lower with Minneapolis action leading at midday with mixed to firmer spread action as trade gets more oversold after the recent washout. The Plains will see warmer- than-normal temps with drier weather this week which could drive early growth into the end of the month. The dollar remains elevated but off the highs as the post-PPI rally fades and Matif wheat fades back to the lows. The outlook forum put total wheat at acres at 47.0 million, down from 49.6 last year. On the KC March chart, resistance is at the 20-day moving average at $6.12 which we are now well below. Support is the fresh low at $5.65 3/4 with the lower Bollinger Band just above that at $5.74. David Fiala can be reached at Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.