DTN Midday Grain Comments 02/21 10:49

DTN Midday Grain Comments 02/21 10:49 Corn, Soybean Futures Lower at Midday; Wheat Flat-Higher Corn futures are 4 to 5 cents lower at midday Friday; soybean futures are 5 to 6 cents lower; wheat futures are flat to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower at midday Friday; soybean futures are 5 to 6 cents lower; wheat futures are flat to 5 cents higher. The U.S. stock market is sharply lower with the S&P 35 points lower. The U.S. Dollar Index is 30 points higher. The interest rate products are firmer. Energy trade is mixed with crude 1.55 lower with natural gas .21 higher. Livestock trade is mostly firmer. Precious metals are weaker with gold of 10.00. CORN: Corn futures are 4 to 5 cents lower at midday with trade fading back into nearby support levels with mixed spread action into March option expiration. Outside markets have energies weaker, and the dollar firmer. Ethanol margins will remain tight with the weekly report showing production virtually flat last week with stocks rebounding 526,000 barrels. Weekly export sales remained strong at 1.454 million metric tons (mmt). Basis action will likely find a bit of strength as bids roll to the May and fieldwork season approaches. On the March chart, the 20-day moving average at $4.92 is support with the fresh high at $5.04 1/2 as resistance. SOYBEANS: Soybean futures were 5 to 6 cents lower at midday with action continuing to work just below nearby resistance with mixed product action to start. Meal is narrowly mixed, and oil is 35 to 45 points lower. South America is expected to keep fresh beans flowing to export markets as harvest moves on with little change for the areas that are continuing to develop. Weekly export sales remained soft at 480,300 metric tons (mt), with meal at 316,900 mt and oil was 19,400 mt. Basis is expected to remain flat to soft in the near term. On the March chart, trade has resistance at the 20-day moving average at $10.46, which we are consolidating below, with the Lower Bollinger Band at $10.25 as the next level of support. WHEAT: Wheat futures are flat to 5 cents higher at midday with light buying as trade works to hold the upper end of the range after momentum slowed the last couple of sessions. Warmer weather should melt the snow cover on the Plains with warmer weather needing to sustain for a bit to bring the crop out of dormancy on the Southern Plains. MATIF wheat is flat to lower to start with little fresh Black Sea news. Weekly export sales remained solid at 532,700 mt. On the KC March chart, support is the 20-day moving average at $5.93 with the fresh high at $6.30 1/2 as resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.