DTN Midday Grain Comments 02/05 10:53

DTN Midday Grain Comments 02/05 10:53 Corn, Soybean Futures Lower at Midday; Wheat Mixed Corn futures are 1 to 3 cents lower at midday Wednesday; soybean futures are 12 to 14 cents lower; wheat futures are 3 cents lower to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 3 cents lower at midday Wednesday; soybean futures are 12 to 14 cents lower; wheat futures are 3 cents lower to 3 cents higher. The U.S. stock market is mixed with the S&P 5 points lower. The U.S. Dollar Index is 50 points lower. The interest rate products are firmer. Energy trade is weaker with crude 1.50 lower with natural gas flat. Livestock trade is sharply higher with cattle leading. Precious metals are mixed with gold up 12.00. CORN: Corn futures are 1 to 3 cents lower at midday with trade fading from the fresh highs scored overnight with spread action softer as the early week rally slows on limited fresh news. The weekly ethanol report showed production up by 97,000 barrels per day, and stocks rising by 700,000 barrels as inventories grow as we head toward spring driving season. The daily export wire saw 330,000 metric tons (mt) of new-crop corn received by Mexico. Weekly export sales are expected to be in the 700,000 to 950,000 mt range Thursday. Basis action is expected to remain soft with off-farm movement strong. December futures continue to hold their advantage versus November soybeans as we head toward spring. On the March chart, the 20-day moving average at $4.81 is support with the fresh high at $4.98 1/2 as resistance. SOYBEANS: Soybean futures are 12 to 14 cents lower at midday with broad product weakness as we pull back from the fresh highs scored early overnight with momentum slowing as well. Meal is 2.00 to 3.00 lower and oil is 80 to 90 points lower. South America weather should keep some relief in play for Argentina with Brazil harvest rolling forward. Weekly export sales are expected to be in the 300,000 to 500,000 mt range Thursday. Basis should stabilize and remain more toward flat in the near term. On the March chart, trade has support at the 20-day moving average at $10.44, which we bounced from Tuesday, with the fresh high at $10.79 3/4 the next level of resistance. WHEAT: Wheat futures are 3 cents lower to 3 cents higher at midday with trade holding the upper end of the range with March KC action challenging the $6.00 area as we work to consolidate further with spring wheat leading. The Plains are expected to stay cool but not excessively cold with near-term moisture limited. MATIF wheat is fading back from the upper end of the range with the dollar easing further. Weekly export sales are expected to be in the 200,000 to 350,000 mt range. On the KC March chart, support is the 20-day moving average at $5.67 with the Upper Bollinger Band at $5.99 as resistance. David Fiala can be reached at [email protected] Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.