DTN Midday Grain Comments 02/13 10:55

DTN Midday Grain Comments 02/13 10:55 Corn, Wheat Futures Flat-Higher at Midday; Beans Flat-Lower Corn futures are flat to a penny higher at midday Thursday; soybean futures are flat to 2 cents lower; wheat futures are flat to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny higher at midday Thursday; soybean futures are flat to 2 cents lower; wheat futures are flat to 4 cents higher. The U.S. stock market is firmer with the S&P 30 points higher. The U.S. Dollar Index is 65 points lower. The interest rate products are firmer. Energy trade is mixed with crude .10 lower with natural gas .18 higher. Livestock trade is mixed with cattle leading. Precious metals are firmer with gold up 15.00. CORN: Corn futures are flat to a penny higher at midday with choppy range bound action continuing with mixed spread action as front month carry remains ample. Ethanol margins continue to struggle with unleaded strength fading and corn holding the upper end of the range. The daily wire was quiet with weekly sales remaining strong at 1.649 million metric tons (mmt). Basis action should flatten out with cold weather likely to limit off farm 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 flat to 2 cents lower at midday with trade fading further into support levels with mixed product action and Brazil harvest pressure continuing to hang over the market. Meal is 1.00 to 2.00 lower and oil is 35 to 45 points higher. 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 wire was quiet with weekly sales poor at 185,500 metric tons (mt) of beans, 336,700 mt of meal and -2,800 of oil. Basis is expected to remain flat to soft near term as the export window closes further. On the March chart, trade has resistance at the 20-day at $10.50, which we are consolidating below, with the Lower Bollinger Band at $10.20 as the next level of support, which we are just above at midday. WHEAT: Wheat futures are flat to 4 cents higher at midday with KC action pushing back towards $6.00 nearby with cold weather concerns likely to add some support, while trade watches for Black Sea political and weather developments after early momentum faded. 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 again after the pull back Wednesday. Weekly export sales were solid at 569,900 mt. On the KC March chart, support is the 20-day at $5.80 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.