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DTN Midday Grain Comments 02/13 10:50
Soybean, Wheat Futures Lower at Midday Friday; Corn Mixed
Corn futures are narrowly mixed at midday Friday; soybean futures are 5 to 6
cents lower; wheat futures are 2 to 10 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are narrowly mixed at midday Friday; soybean futures are 5 to 6
cents lower; wheat futures are 2 to 10 cents lower. The U.S. stock market is
firmer at midday with the S&P 24 points higher. The U.S Dollar Index is 7
points higher. The interest rate products are firmer. Energy trade is weaker
with crude off .15 and natural gas is off a penny. Livestock trade is mostly
lower. Precious metals are firmer with gold 82.00 higher.
CORN:
Corn futures are narrowly mixed at midday with lightly firmer spread action
as we continue to chop along rangebound with little fresh news. Ethanol margins
continue to track sideways, which should maintain production levels in the
short term. Basis will likely remain flat in the short term. New-crop price
ratios are edging back toward corn Friday, but soybeans are more competitive
for marginal acres now. On the March chart, support is the 20-day moving
average at $4.27 with resistance the recent high at $4.34 1/2.
SOYBEANS:
Soybean futures are 5 to 6 cents lower at midday with softer spread action
versus new crop as we pull back from the fresh highs with overbought
conditions. Meal is 1.00 to 2.00 lower and oil is 70 to 80 points lower. Brazil
harvest will continue to expand with early yields strong and little change for
Argentina weather as rains are expected to pick up into next week. Basis may
start finding a little better support if shipments continue to improve in late
winter. On the March chart, support is $10.88, where we find the 20-day moving
average, with the fresh high at $11.41 1/2 as resistance.
WHEAT:
Wheat futures are 2 to 10 cents lower at midday with trade looking to hold
the solid gains for the week with KC the weak leg of spread action Friday
morning. Weather for the Plains looks to stay warmer than normal with better
moisture the second half of the month. Matif wheat is a bit weaker as well with
the euro holding strength versus the dollar. On the KC March chart, support is
the 20-day moving average at $5.36, that we again bounced from, with resistance
the fresh high at $5.55.
**
NOTE: Hear DTN Lead Analyst Rhett Montgomery and Ag Meteorologist John
Baranick at the National Farm Machinery Show, Feb. 11-13, in Louisville,
Kentucky. Their daily Weather and Markets Outlook sessions are at 10:00 a.m.
EST, in Room B102, South Wing of the Kentucky Exposition Center. Note, this is
a different room than previous years. You'll also learn about new digital
products DTN is developing. Look forward to seeing you in Louisville!
**
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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