DTN Midday Grain Comments 02/23 10:58

DTN Midday Grain Comments 02/23 10:58 Corn, Beans Lower; Wheat Mixed at Middday Friday Corn trade is 3-4 cents lower, beans are 7-9 cents lower and wheat trade is 1-6 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 1 point higher. The dollar index is 2 points higher. The interest rate products are firmer. Energies have crude 1.40 lower and natural gas .13 lower. Livestock trade is firmer. Precious metals are mixed with gold up $12. CORN: Corn trade is 3-4 cents lower at midday with trade fading to fresh lows just below $4 on the March contract as we head towards option expiration at noon. Ethanol margins remain stable with unleaded phasing in spring blends which boosts blender margins along with the cheaper corn and natural gas. The daily wire was quiet for corn with weekly export sales a touch softer at 820,400 metric tons of old crop and 177,700 of new. Basis has stayed steady as we head towards the end of the month and the farmer position is expected to weigh further as basis contract gets rolled or priced. Early second-crop corn should continue to progress. On the March chart, the 20-day at $4.31 is nearby resistance with the lower Bollinger Band at $4.03 just above the $3.98 1/4 fresh low as support. SOYBEANS: Soybean trade is 7-9 cents lower at midday with trade fading again to fresh lows as product action remains soft and South American harvest pushes forward. Meal is 2.50 to 3.50 lower and oil is flat to 10 points higher. South American weather should continue to the recent pattern into mid-month with harvest moving along further while Argentina looks to be mixed to better short term. The daily wire was quiet yesterday with weekly sales poor at 55,900 metric tons of beans, 202,400 of old crop meal, 500 of new, and -5,300 of oil. Basis should remain flat short term domestically. The March soybeans have resistance at the 20-day moving average of $11.90. The $11.31 1/2 fresh low is nearby support with the lower Bollinger Band just above that at 11.43. WHEAT: Wheat trade is 1-6 cents lower with firmer spread action continuing but early gains fading with the row crop weakness. The Plains will see warmer-than-normal temps persist into March with better moisture possibilities the second week as crop starts to leave dormancy early. The dollar is pulling back further from recent highs with Matif wheat holding off the lows as it finally eases oversold conditions. Wheat export sales were a touch weaker at 233,500 metric tons of old crop, and 46,600 of new. On the KC March cchart, resistance is at the 20-day moving average of $6.01, which we remain well below. Support is the fresh low at $5.63 with the lower Bollinger Band just below that at $5.61. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.