DTN Midday Grain Comments     02/20 10:43

   Corn, Wheat Futures Higher at Midday Friday; Soybeans Lower

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 4 
to 6 cents lower; wheat futures are 6 to 10 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 4 
to 6 cents lower; wheat futures are 6 to 10 cents higher. The U.S. stock market 
is firmer at midday with the S&P 25 points higher. The U.S. Dollar Index is 20 
points lower. The interest rate products are weaker. Energy trade is mixed with 
crude off .30 and natural gas is up .04. Livestock trade is mixed with hogs 
leading. Precious metals are firmer with gold 75.00 higher.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade edging back toward 
nearby resistance again with mixed spread action so far as overall action 
remained muted after the tariff ruling by the Supreme Court threw them out this 
morning. Ethanol margins should continue to support strong production runs in 
the short term. The export wire remained quiet with weekly sales solid at 1.470 
million metric tons (mmt). Basis will likely see little near-term change. 
New-crop price ratios are working a little back toward corn this morning. On 
the March chart, resistance is the 20-day moving average at $4.29 with support 
the lower Bollinger Band at $4.24, which we have bounced from overnight.

SOYBEANS:

   Soybean futures are 4 to 6 cents lower in quiet trade at midday, with meal 
surging this morning as we've seen active two-sided trade while trying to sort 
out the tariff ruling along with easing overbought conditions. Meal is 5.50 to 
6.50 higher and oil is 85 to 95 points lower fading from fresh highs. Brazil 
harvest will roll along with some recent rains in Argentina helping to set up 
the finish of the crop. Basis should show light improvement if shipping gains 
hold into South American harvest. The daily wire was quiet again with weekly 
sales softening to 798,200 metric tons (mt) old crop, 66,000 mt new crop, 
480,900 mt of meal, and 11,100 mt of oil. On the March chart, support is 
$11.01, where we find the 20-day moving average, with the fresh high at $11.48 
1/4 as resistance.

WHEAT:

   Wheat futures are 6 to 10 cents higher at midday with Chicago leading as we 
consolidate new highs for the move as we get more overbought after the recent 
run. Weather for the Plains looks to stay warmer after the brief cool down with 
better moisture for the north. Matif wheat is firmer as well overnight. Weekly 
export sales softened at 288,000 mt. On the KC March chart, support is the 
20-day moving average at $5.38 that we bounced from with resistance the fresh 
high at $5.74 3/4.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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