DTN Midday Grain Comments     02/14 10:47

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 4 to 5 higher at midday Friday; soybean futures are 12 to 
14 cents higher; wheat futures are 13 to 20 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 higher at midday Friday; soybean futures are 12 to 
14 cents higher; wheat futures are 13 to 20 cents higher. The U.S. stock market 
is mixed with the S&P 2 points higher. The U.S. Dollar Index is 65 points 
lower. The interest rate products are firmer. Energy trade is mixed with crude 
.60 lower with natural gas .11 higher. Livestock trade is mixed with hogs 
leading. Precious metals are mixed with gold off 35.00.

CORN:

   Corn futures were 4 to 5 cents higher at midday with trade pressing back to 
fresh highs in broad, risk-on trade Friday morning with mostly firmer spread 
action. Ethanol margins continue to struggle with unleaded strength fading and 
corn holding the upper end of the range with colder weather likely to suppress 
driving demand. The daily export wire saw 100,000 metric tons (mt) sold to 
Colombia to close the week. Basis action should flatten out with cold weather 
likely to limit off-farm movement. On the March chart, the 20-day moving 
average at $4.89 is support with the fresh high at $4.99 3/4 as resistance.

SOYBEANS:

   Soybean futures are 12 to 14 cents higher at midday with meal strength 
helping to carry trade back into the middle part of the range. Meal is 6.50 to 
7.50 higher and oil is 65 to 75 points lower. South America weather pattern is 
likely to continue into the second part of the month with harvest to expand 
further. Basis is expected to remain flat to soft in the near term as the 
export window closes further. On the March chart, trade has resistance at the 
20-day moving average at $10.50, which we are consolidating below, with the 
Lower Bollinger Band at $10.25 as the next level of support.

WHEAT:

   Wheat futures are 13 to 20 cents higher at midday with pushing through the 
$6.00 area on KC and trade scoring fresh highs for the move with support from 
the weaker dollar in the short term as we get closer to overbought conditions 
heading toward the long weekend. Cold air with some snow is expected to work 
across the Plains until warmer weather returns at the end of the forecast. 
MATIF wheat is firmer to start after fading off the upper end of the range. On 
the KC March chart, support is the 20-day moving average at $5.83 with the 
fresh high at $6.20 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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