DTN Midday Grain Comments 02/29 13:15

DTN Midday Grain Comments 02/29 13:15 Corn, Wheat Higher, Beans Lower at Midday Thursday Corn trade is flat to 1 cent higher. Beans are 2-3 cents lower and wheat trade is 2-4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 10 points higher. The dollar index is 11 points higher. The interest rate products are firmer. Energies have crude .30 higher and natural gas .03 lower. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $10. CORN: Corn trade is flat to a penny higher overnight with two-sided action as we faded from strength this morning after the initial selloff turned to buying. Ethanol margins are seeing a little pressure from the corn rebound while blenders will benefit as spring blends become more widespread. The daily wire was quiet again today with weekly sales remaining solid at 1.08 million metric tons (mmt) old crop and 165,000 of new. Basis will likely see some short-term pressure as May becomes from month with the extra farmer pricing in recent days with stabilization likely into the weekend. Early second-crop corn should continue to progress in Brazil with planting pace ahead of average with eyes turning towards longer-term weather. On the May chart, the 20-day at $4.36 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 2-3 cents lower at midday with action trying to bounce off another fresh low scored overnight with better product action developing. Meal is $1 to $2 higher and oil is flat to 10 points higher. South American weather should allow for Brazil's harvest to keep moving along with some late dryness lingering in Argentina. The daily wire was quiet today with weekly sales remaining soft at 159,700 metric tons (mt) of beans, meal was good at 456,200 mt old crop, and 6,400 of new, along with 3,000 of oil. Basis should remain flat short term domestically as March goes into delivery. May soybeans have resistance at the 20-day moving average at $11.76. The $11.30 1/4 fresh low scored this morning is nearby support with the lower Bollinger Band just below that at 11.26. WHEAT: Wheat trade is 2-4 cents higher at midday with trade firming back off the overnight selling turning to a bit of strength during day trade with firmer spread action. The Plains will see warmer-than-normal temps persist into March with the midweek cold past us 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 today. Weekly export sales remained rangebound at 327,300 mt of old crop, and -5,200 of new. On the KC May chart, resistance is at the 20-day moving average at $5.90. 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.