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DTN Midday Grain Comments 02/23 10:47
Corn, Soybean Futures Higher at Midday Monday; Wheat Mixed
Corn futures are 3 to 5 cents higher at midday Monday; soybean futures are
10 to 11 cents higher; wheat futures are narrowly mixed.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 5 cents higher at midday Monday; soybean futures are
10 to 11 cents higher; wheat futures are narrowly mixed. The U.S. stock market
is weaker at midday with the S&P 65 points lower. The U.S. Dollar Index is 20
points lower. The interest rate products are firmer. Energy trade is firmer
with crude up .60 and natural gas is up .01. Livestock trade is mixed with hogs
leading. Precious metals are firmer with gold 150.00 higher.
CORN:
Corn futures are 3 to 5 cents higher at midday after bouncing off the lower
end of the range as we continue to head toward first notice day for March at
the end of the week and digest the trade developments with global tariffs
announced at 15% after the initial 10% on Friday. Ethanol margins should hold
the range, but the winter storm will likely reduce near-term usage. The export
wire remained quiet last week with weekly export inspections surging at 2.01
million metric tons (mmt) with year-to-date pace holding at 146%. Basis will
likely see little near-term change. New-crop price ratios are shifting toward
soybeans this morning. 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, which we have bounced from overnight.
SOYBEANS:
Soybean futures are 10 to 11 cents higher with trade filling the initial gap
lower with oil heading past $60.00 up front along with meal rebounding. Meal is
1.00 to 2.00 higher and 110 to 120 points higher. Brazil harvest will roll
along with mostly drier recent weather while Argentina caught some more
showers. Basis should show light improvement if shipping gains hold into South
American harvest. The daily wire was quiet with weekly export inspections
slipping to 669,865 metric tons (mt) with year-to-date pace at 68%. On the
March chart, support is $11.01 where we find the 20-day moving average, with
the fresh high at $11.48 1/2 as resistance.
WHEAT:
Wheat futures are narrowly mixed with trade fading off the fresh highs to
start the week as we look for row crop direction and weather developments to
carry us forward. Weather for the Plains looks to stay warmer after the brief
cool down with better moisture for the north into March. Matif wheat is lightly
weaker to start. Weekly export inspections were solid at 535,113 mt with
year-to-date pace at 119%. On the KC March chart, support is the 20-day at
$5.38 that 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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