DTN Midday Grain Comments 02/12 10:55

DTN Midday Grain Comments 02/12 10:55 Corn Futures Higher at Midday; Soybeans Lower; Wheat Flat-Higher Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures are 16 to 17 cents lower; wheat futures are flat to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures are 16 to 17 cents lower; wheat futures are flat to 4 cents higher. The U.S. stock market is firmer with the S&P 40 points lower. The U.S. Dollar Index is 30 points higher. The interest rate products are weaker. Energy trade is weaker with crude 1.20 lower with natural gas .01 points lower. Livestock trade is firmer. Precious metals are mixed with gold off 14.00. CORN: Corn futures are 3 to 4 cents higher at midday with stronger spread action as we rebounded from the early selling to move back to the upper end of the range. On the report, domestic carryout was left unchanged at 1.540 billion bushels (bb) with world stocks down by 3.0 million metric tons (mmt) to 290.3 mmt with slight cuts to South American production. The weekly ethanol report showed production down by 30,000 barrels per day (bpd), with stocks down 700,000 on the week. The daily export wire saw 130,200 metric tons (mt) sold to unknown with weekly sales expected to be in the 800,000 mt to 1.0 mmt range on Thursday. Basis action is expected to remain soft with potential storms limiting short-term movement. On the March chart, the 20-day moving average at $4.87 is resistance, which we are just above at midday, with the lower Bollinger Band at $4.76 further support. SOYBEANS: Soybeans are 16 to 17 cents lower at midday with broader selling developing and broad product weakness with spillover pressure from South America. Meal is 2.00 to 3.00 lower and oil was 65 to 75 points lower. On the WASDE report, carryout was unchanged at 380 mb, and world stocks down 4.1 mmt to 124.3 mmt. South America weather doesn't show much near-term change from the recent pattern with harvest to continue to expand in Brazil while Argentina should stabilize further with the recent rains. The daily export wire saw 120,000 mt sold to unknown with weekly sales expected to be in the 400,000 mt to 600,000 mt range. Basis is expected to remain flat to soft in the near term as the export window closes further. On the March chart, trade has resistance at the 20-day moving average at $10.50, which we are consolidating below, with the Lower Bollinger Band at $10.24 as the next level of support, which we are just above. WHEAT: Wheat futures are flat to 4 cents higher with trade continuing to chop just below the recent highs with the stronger dollar and softer European trade limiting upside. On the report, carryout slipped to 794 mb from 798 mb with world stocks down 1.0 mmt tons to 257.6 mmt. Cold air with some snow is expected to work across the Plains until warmer weather returns at the end of the forecast. MATIF wheat is softer Wednesday morning as it pulls further back off the upper end of the range. 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 $5.78 with the recent 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.