DTN Midday Grain Comments 02/26 10:56

DTN Midday Grain Comments 02/26 10:56 Soybean, Wheat Futures Lower at Midday; Corn Flat-Lower Corn futures are flat to a penny lower at midday Wednesday; soybean futures are 7 to 8 cents lower; wheat futures are 7 to 12 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny lower at midday Wednesday; soybean futures are 7 to 8 cents lower; wheat futures are 7 to 12 cents lower. The U.S. stock market is firmer with the S&P 40 points higher. The U.S. Dollar Index is 5 points higher. The interest rate products are mixed. Energy trade is weaker with crude .05 lower with natural gas .17 lower. Livestock trade is mixed. Precious metals are firmer with gold up 7.50. CORN: Corn futures are flat to a penny lower with light, two-sided action again Wednesday with early strength fading as risk-off sentiment continues to hold. Ethanol margins will continue to struggle with unleaded soft and the weekly report showing production down 3,000 barrels per day with stocks 1.2 million barrels higher. Weekly export sales are expected to be in the 750,000 to 1.0 million metric ton (mmt) range Thursday. Basis action should remain flat with warm-up and board weakness adding support. On the March chart, the 20-day moving average at $4.91 is resistance, with the Lower Bollinger Band at $4.78 as support, which we tested overnight. SOYBEANS: Soybean futures are 7 to 8 cents lower at midday in quiet trade at the lower end of the range again with products softening and little fresh news. Meal is flat to 1.00 lower, and oil is 45 to 55 points lower. South America should keep moving ahead harvest-wise with Argentina continuing to catch up moisture-wise in the still growing crop areas. Weekly export sales are expected to be in the 300,000 to 450,000 metric ton (mt) range Thursday. Basis is expected to remain flat to softer as May becomes front-month. On the March chart, trade has resistance at the 20-day moving average at $10.44, which we are consolidating below, with the Lower Bollinger Band at $10.18 as the next level of support. WHEAT: Wheat futures are 7 to 12 cents lower with trade trying find footing below nearby resistance after the recent fade along with little other market-moving news for right now and risk-off sentiment hurting trade. Warmer weather looking to linger on the Plains with some moisture over the next two weeks. MATIF wheat is weaker after early strength while we wait for further developments on the pollical and weather front for the Black Sea. On the KC March chart, resistance is the 20-day moving average at $5.98, which we faded through Tuesday, with further support at the lower Bollinger Band at $5.73. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.