DTN Midday Grain Comments     02/26 10:50

   Soybean Futures Lower at Midday Thursday; Corn, Wheat Mixed

   Corn futures are narrowly mixed at midday Thursday; soybean futures are 5 to 
6 cents lower; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Thursday; soybean futures are 5 to 
6 cents lower; wheat futures are narrowly mixed. The U.S. stock market is 
weaker at midday with the S&P 45 points lower. The U.S. Dollar Index is 15 
points higher. The interest rate products are firmer. Energy trade is mixed 
with crude up 1.10 and natural gas is off .05. Livestock trade is weaker with 
cattle sharply lower. Precious metals are weaker with gold 32.00 lower.

CORN:

   Corn futures are narrowly mixed at midday with trade edging past nearby 
resistance to start the session before shifting to two-sided action as negative 
spillover from soybeans picked up. Ethanol margins are starting to get a boost 
from spring/summer blends coming on line to encourage blenders. The daily 
export wire saw 178,000 metric tons of corn sold to Japan with weekly sales 
softer at 685,800 metric tons of old crop, and 11,700 of new. Basis will likely 
see little near-term change into March delivery. New-crop price ratios are 
favoring corn slightly after the bean strength eased. On the March chart, 
resistance is the 20-day moving average at $4.29, which we are just above at 
midday, with support the lower Bollinger Band at $4.24.

SOYBEANS:

   Soybean futures are 5 to 6 cents lower at midday with another set of fresh 
highs overnight before long liquidation picked up with meal the downside leader 
in the product complex as we work to ease overbought conditions. Meal is 1.00 
to 2.00 lower and oil is 80 to 90 points higher. Brazil harvest will roll along 
with the north slowed a little with rains and little change in Argentina 
conditions. Basis will likely remain flat as shipping slowed a bit. Weekly 
export sales were soft at 407,100 metric tons with meal at 269,900 and oil at 
1,500. On the March chart, support is $11.12, where we find the 20-day moving 
average, with the fresh high at $11.56 as resistance.

WHEAT:

   Wheat futures are narrowly mixed at midday as well with Chicago action 
continuing to lead in the short term as it extends the nearby premium to KC 
trade. Weather for the Plains looks to stay warmer after the brief cool down 
with better moisture for the north into March while concerns will linger for 
the southwest Plains. Matif wheat is firmer Thursday. Weekly export sales were 
softer at 243,000 metric tons. On the KC March chart, support is the 20-day 
moving average at $5.44, which we bounced from, with resistance the fresh high 
at $5.78 1/2.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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