|
DTN Midday Grain Comments 02/10 10:53
Corn Futures Higher at Midday; Soybeans Mixed; Wheat Lower
Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are
narrowly mixed; wheat futures are 1 to 6 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are
narrowly mixed; wheat futures are 1 to 6 cents lower. The U.S. stock market is
firmer with the S&P 35 points higher. The U.S. Dollar Index is 21 points
higher. The interest rate products are firmer. Energy trade is firmer with
crude 1.10 higher with natural gas .14 points higher. Livestock trade is mostly
higher. Precious metals are firmer with gold up 45.00.
CORN:
Corn futures are 3 to 4 cents higher at midday with early selling turning to
buying as we started the day session with overall rangebound action continuing
ahead of the February WASDE report Tuesday. On the report, trade is looking for
domestic carryout at 1.521 billion bushels (bb) versus 1.540 bb last month,
with a slight decline for South American production. Ethanol margins look to
remain rangebound to start the week. The daily export wire saw 365,000 metric
tons (mt) of old crop sold to Mexico. Weekly export inspections were strong at
1.334 million metric tons (mmt) with pace still running at 134% of last year.
Basis action is expected to show little short-term change with soft upfront
spreads indicating commercials are well supplied. On the March chart, the
20-day moving average at $4.86 is support, which we held for now, with the
fresh high at $4.98 1/2 as resistance.
SOYBEANS:
Soybean futures are narrowly mixed at midday with trade continuing to chop
just below nearby resistance with quiet action in the product complex to start
the week. Meal is flat to 1.00 lower and oil is 10 to 20 points lower. On the
WASDE report, trade is looking for domestic carryout at 376 million bushels
(mb) versus 380 mb last month, with South American production down slightly.
South America weather doesn't show much near-term change from the recent
pattern with harvest to continue to expand in Brazil. Weekly export inspections
were strong at 1.042 mmt. Basis is expected to remain flat to soft in the near
term. On the March chart, trade has resistance at the 20-day moving average at
$10.51, which we are just below at midday, with the fresh high at $10.79 3/4
the next level of resistance.
WHEAT:
Wheat futures are 1 to 6 cents lower at midday with action continuing to
chop just below the recent highs as the stronger dollar limits upside a bit. On
the report, trade is looking for domestic carryout at 801 mb versus 798 mb last
month with world stocks unchanged. Cold air with some snow is expected to work
across the Plains over the next week, which should keep some support in play.
MATIF wheat is firmer Monday, holding the upper end of the range as well. Black
Sea cash offers are expected to remain firm in the short term. Weekly export
inspections remained solid at 536,217 mt. On the KC March chart, support is the
20-day moving average at $5.75 with the fresh high at $6.14 as resistance.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
**
Come see DTN at the National Farm Machinery Show in Louisville, Kentucky,
Feb. 12-15. Our 2025 Global Commodity Market and Weather Outlook presentation,
featuring Lead Analyst Rhett Montgomery and Ag Meteorologist John Baranick is
scheduled for 2:30-3:30 p.m. Wednesday, Feb. 12; 8:30-10:00 a.m. Thursday, Feb.
13; 10:00-11:00 a.m. Friday, Feb. 14. All times Eastern Standard.
(c) Copyright 2025 DTN, LLC. All rights reserved.
For more free DTN information sent right to your email each morning - click here to sign up for DTN Snapshot.
|
|