DTN Midday Grain Comments 02/28 10:59

DTN Midday Grain Comments 02/28 10:59 Corn, Beans Higher, Wheat Lower at Midday Wednesday Corn trade is 4-5 cents higher. Beans are 9-10 cents higher and wheat trade is 4-7 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday with the S&P 4 points lower. The dollar index is 16 points higher. The interest rate products are firmer. Energies have crude .60 lower and natural gas .05 higher. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off $1.30. CORN: Corn trade is 4-5 cents higher at midday with early two-sided action turning firmer as oversold conditions ease and spread action firms slightly. The weekly ethanol report showed production off by 6,000 barrels per day, with stocks 520,000 barrels higher with nearby stocks ample ahead of spring driving season. The daily wire was quiet again today with weekly sales expected to be in the 750,000-950,000 metric ton (mt) range tomorrow. Basis will likely see some short-term pressure as May comes in with extra farmer pricing recently. Early second-crop corn should continue to progress in Brazil with planting pace ahead of average. On the May chart, the 20-day at $4.37 is nearby resistance with the lower Bollinger Band at $4.10 just above the $4.06 3/4 fresh low as support. SOYBEANS: Soybean trade is 9-10 cents better with early two-sided action turning firmer as we continue to grind along the lower end of the range with inconsistent product action. Meal is $4.50 to $5.50 higher and oil is 20 to 30 points lower. South American weather should allow for Brazil's harvest to keep moving along with little in the way of near-term changes for Argentina. The daily wire was quiet after yesterday's sales with weekly sales expected to be in the 150,000-350,000 mt range tomorrow. Basis should remain flat short term domestically as March goes into delivery. May soybeans have resistance at the 20-day moving average at $11.81. The $11.33 1/4 fresh low scored this Monday is nearby support with the lower Bollinger Band just below 11.28. WHEAT: Wheat trade is 4-7 cents lower at midday with Chicago the downside leader as trade pulls back from nearby resistance with the firmer dollar and MATIF weakness offsetting spillover strength from row crops. The Plains will see warmer-than-normal temps persist into March with a midweek cold snap moving through now and better moisture possibilities into midmonth. The dollar is moving back towards the upper end of the recent range with Matif wheat holding just above the recent lows with pressure this morning. On the KC May chart, resistance is at the 20-day moving average of $5.92. Support is the fresh low at $5.56 3/4 with the lower Bollinger Band just below $5.53. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.