DTN Midday Grain Comments 02/24 10:52

DTN Midday Grain Comments 02/24 10:52 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 7 to 8 cents lower at midday Monday; soybean futures are 6 to 8 cents lower; wheat futures are 13 to 15 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 7 to 8 cents lower at midday Monday; soybean futures are 6 to 8 cents lower; wheat futures are 13 to 15 cents lower. The U.S. stock market is mixed with the S&P 5 points higher. The U.S. Dollar Index is 9 points lower. The interest rate products are firmer. Energy trade is mixed with crude .25 higher with natural gas .27 lower. Livestock trade is mostly firmer. Precious metals are mixed with gold up 3.00. CORN: Corn futures are 7 to 8 cents lower to start the week with trade fading toward nearby support levels after losing momentum last week with spread action soft as well. Ethanol margins should see some improvement if the corn pullback holds but will remain tight until spring driving demand picks up. Weekly export inspections eased a bit at 1.134 million metric tons (mmt) with year-to-day pace at 132%. Basis action will likely find a bit of strength as bids roll to the May and fieldwork season approaches as the Corn Belt thaws out. On the March chart, the 20-day moving average at $4.92 is resistance, which we closed just below Friday, with the Lower Bollinger Band at $4.80 as support below that. SOYBEANS: Soybean futures are 6 to 8 cents lower with light two-sided action turning weaker into the day session with early meal strength fading on the product side. Meal is 1.50 to 2.50 lower, and oil is 80 to 90 points lower. South America is expected to keep fresh beans flowing to export markets as harvest moves on with the recent weather pattern continuing which will keep weather concerns limited. Weekly export inspections stayed rangebound seasonally at 858,679 metric tons (mt) with year-to-date pace at 111%. Basis is expected to remain flat to softer in the near term into March contract delivery. 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 $10.23 as the next level of support. WHEAT: Wheat futures are 13 to 15 cents lower at midday with momentum slowing further as better weather and Black Sea political developments encourage some long liquidation to start the week. Warmer weather should melt the snow cover on the Plains with the Southern Plains to exit dormancy as we push into March. MATIF wheat is softer to start while we wait for further developments on the pollical and weather front for the Black Sea. Weekly export inspections remained rangebound at 375,546 mt with year-to-date pace running at 120%. On the KC March chart, support is the 20-day moving average at $5.95, which we are testing at midday, 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.