DTN Midday Grain Comments 02/21 11:09

DTN Midday Grain Comments 02/21 11:09 Corn, Beans and Wheat Lower at Middday Wednesday Corn trade is 6-7 cents lower. Beans are 10-12 cents lower and wheat trade is 5-10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday with the S&P 10 points lower. The dollar index is 2 points lower. The interest rate products are weaker. Energies have crude .60 higher and natural gas .20 higher. Livestock trade is mixed. Precious metals are mixed with gold off $4. CORN: Corn trade is 6-7 cents lower with trade once again scoring fresh lows as oversold conditions intensify with broad risk-off trade again today. Ethanol margins remain stable with unleaded phasing in spring blends with the weekly report delayed until tomorrow with signs of improved driving demand. The daily wire was quiet. Basis has stayed steady as we head towards the end of the month 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 $4.35 is nearby resistance with the lower Bollinger Band at $4.10 just below the $4.11 1/4 fresh low as support. SOYBEANS: Soybean trade is 10-12 cents lower at midday with trade fading back from the last two days of strength with meal the downside leader in product action and talk of South American production being understated for the prior year. Meal is 3.50 to 4.50 lower and oil 45 to 55 points lower as crude softness keeps soy oil defensive. South American weather should continue to the recent pattern into mid-month with harvest moving along further with some concerns about drier short-term weather in Argentina short term. The daily wire was quiet today. Basis should remain flat short term domestically. The March soybeans have resistance at the 20-day moving average of $11.95. The $11.62 fresh low is nearby support with the lower Bollinger Band just below that at 11.55. WHEAT: Wheat trade is 5-10 cents lower at midday with trade working to consolidate the rebound to start the week as oversold conditions ease and spreads remain solid. The Plains will see warmer than normal temps persist into March with better moisture possibilities the second week. The dollar remains in the upper end of the range with Matif wheat fading again today and staying at the low end of the range. On the KC March chart, resistance is at the 20-day moving average of $6.07. Support is the fresh low at $5.63 with the lower Bollinger Band just above that at $5.69. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.