DTN Midday Grain Comments 02/28 10:49

DTN Midday Grain Comments 02/28 10:49 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 10 to 11 cents lower at midday Friday; soybean futures are 9 to 12 cents lower; wheat futures are 3 to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 10 to 11 cents lower at midday Friday; soybean futures are 9 to 12 cents lower; wheat futures are 3 to 9 cents lower. The U.S. stock market is firmer with the S&P 12 points higher. The U.S. Dollar Index is 7 points higher. The interest rate products are firmer. Energy trade is weaker with crude .70 lower with natural gas .07 lower. Livestock trade is mostly lower. Precious metals are weaker with gold off 34.50. CORN: Corn futures are 10 to 11 cents lower at midday with trade dropping to fresh lows as early strength unwound with broad risk-off action in the ag trade Friday ahead of the tariff deadline. Ethanol margins should find a little more support with corn fading further and unleaded staying rangebound. The USDA outlook forum put baseline corn acres at 94.0 million. Basis action should remain flat with warming temps 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 $4.83 as support, which we have washed below at midday. SOYBEANS: Soybean futures are 9 to 12 cents lower at midday with risk-off selling picking up more into midday as product strength faded. Meal is 2.00 to 3.00 lower and oil is 80 to 90 points lower. At the outlook forum, baseline acres edged lower at 84.0 million. South America should keep moving ahead harvest-wise with Argentina continuing to catch up moisture-wise in the still growing crop areas with some pockets of dryness remaining. The daily export wire saw 20,000 metric tons of oil sold to unknown destinations. 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 $10.31 as the next level of support, which we have edged below at midday. WHEAT: Wheat futures are 3 to 9 cents lower with trade fading further toward the lower end of the recent range with early strength fading again with the risk-off sentiment encouraging long liquidation. Warmer weather looks to linger on the Plains with some moisture over the next two weeks. MATIF wheat continues to hold light gains. The outlook forum had wheat acres edging a bit higher to 46.7 million. On the KC May chart, resistance is the 20-day moving average at $6.08, which we faded through Thursday, with further support at the lower Bollinger Band at $5.77, which we are testing at midday. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.