DTN Midday Grain Comments 02/07 10:50

DTN Midday Grain Comments 02/07 10:50 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 8 to 9 cents lower at midday Friday; soybean futures are 10 to 11 cents lower; wheat futures are 2 to 3 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 8 to 9 cents lower at midday Friday; soybean futures are 10 to 11 cents lower; wheat futures are 2 to 3 cents lower. The U.S. stock market is weaker with the S&P 38 points lower. The U.S. Dollar Index is 28 points higher. The interest rate products are weaker. Energy trade is mixed with crude .30 higher with natural gas .07 lower. Livestock trade is mostly higher. Precious metals are firmer with gold up 19.00. CORN: Corn futures are 8 to 9 cents lower at midday with trade fading back to the middle of the recent range with choppy action likely to continue into the weekend with renewed tariff comments helping to pressure markets. Ethanol margins should continue to hold the recent range. Basis action is expected to show little short-term change. The December futures are showing little change versus November soybeans. On the March chart, the 20-day moving average at $4.85 is support, which we are just above at midday, with the fresh high at $4.98 1/2 as resistance. SOYBEANS: Soybean futures are 10 to 11 cents lower at midday with rangebound action continuing as well with oil leading products this morning. Meal is 5.00 to 6.00 lower and oil is 45 to 55 points higher. South America weather should keep some relief in play for Argentina with Brazil harvest rolling forward between rains. 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 $10.50, which we are testing at midday, with the fresh high at $10.79 3/4 the next level of resistance. WHEAT: Wheat futures are 2 to 3 cents lower at midday with trade scoring fresh highs early overnight before fading with trade still consolidating the upper end of the range further. The Plains are expected to stay cool but not excessively cold with near-term moisture limited. MATIF wheat is slightly higher this morning near the upper end of the range as well. Black Sea cash offers continue to keep support in play as well. On the KC March chart, support is the 20-day moving average at $5.72 with the fresh high at $6.14 as resistance. David Fiala can be reached at [email protected] Follow him on social platform X @davidfiala ** Come see DTN at the National Farm Machinery Show in Louisville, Kentucky, Feb. 12-15. Our 2025 Global Commodity Market and Weather Outlook presentation, featuring Lead Analyst Rhett Montgomery and Ag Meteorologist John Baranick is scheduled for 2:30-3:30 p.m. Wednesday, Feb. 12; 8:30-10:00 a.m. Thursday, Feb. 13; 10:00-11:00 a.m. Friday, Feb. 14. All times Eastern Standard. (c) Copyright 2025 DTN, LLC. All rights reserved.