DTN Midday Grain Comments 02/27 10:50

DTN Midday Grain Comments 02/27 10:50 Corn, Wheat Futures Lower at Midday; Soybeans Higher Corn futures are 8 to 9 cents lower at midday Thursday; soybean futures are 3 to 4 cents higher; wheat futures are 12 to 17 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 8 to 9 cents lower at midday Thursday; soybean futures are 3 to 4 cents higher; wheat futures are 12 to 17 cents lower. The U.S. stock market is mixed with the S&P 1 points lower. The U.S. Dollar Index is 85 points higher. The interest rate products are weaker. Energy trade is firmer with crude 1.40 higher with natural gas .04 higher. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold off 43.50. CORN: Corn futures are 8 to 9 cents lower at midday with trade fading to the low end of the range again with tariff concerns pushing the dollar higher along with the USDA outlook forum edging corn acre baseline to 94.0 million. Ethanol margins should find a little more support with corn consolidating lower and unleaded finding broader support toward spring. Weekly export sales softened a bit to 794,700 metric tons (mt) old crop and 128,000 mt of new. Basis action should remain flat with temp warm-up and board weakness adding support. On the May chart, the 20-day moving average at $5.02 is resistance with the Lower Bollinger Band at $4.87 as support, which we are testing at midday. SOYBEANS: Soybean futures are 3 to 4 cents higher at midday with light product strength and lighter outlook forum acres numbers at 84.0 million keeping support at the lower end of the range. Meal is narrowly mixed and oil is 15 to 25 points higher. 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 remained soft seasonally at 410,900 mt old crop, 3,600 new with 176,500 of old crop meal, and 200 of new along with 18,400 of oil. Basis is expected to remain flat to softer as May becomes front month. On the May chart, trade has resistance at the 20-day moving average at $10.58 with the Lower Bollinger Band at $10.34 as the next level of support. WHEAT: Wheat futures are 12 to 17 cents lower overnight with the strong dollar encouraging further long liquidation with baseline acres rising slightly to 46.7 million. Warmer weather looks to linger on the Plains with some moisture over the next two weeks. MATIF wheat is flat to a little lower at midday as it continues to fade from the top of the range as well. Weekly export sales were lackluster at 269,000 mt of old crop, and 5,000 of new. On the KC May chart resistance is the 20-day moving average at $6.08, which we faded through Wednesday, with further support at the lower Bollinger Band at $5.91. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.