DTN Midday Grain Comments     02/12 10:49

   Corn, Soybean, Wheat Futures All Higher at Midday Thursday

   Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 
12 to 14 cents higher; wheat futures are 4 to 10 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 
12 to 14 cents higher; wheat futures are 4 to 10 cents higher. The U.S. stock 
market is weaker at midday with the S&P 76 points higher. The U.S. Dollar Index 
is 10 points higher. The interest rate products are firmer. Energy trade is 
mixed with crude off 1.20 and natural gas is .05 higher. Livestock trade is 
broadly weaker. Precious metals are sharply lower with gold 152.00 lower.

CORN:

   Corn futures are 2 to 3 cents higher at midday with trade continuing to hold 
just below $4.30 with softer spread action Thursday as we try to follow 
soybeans. Ethanol margins are narrowing a little but remain well within the 
recent range. Weekly export sales were strong at 2.070 million metric tons 
(mmt). Basis will likely remain flat in the short term. New-crop price ratios 
continue to shift toward soybeans. On the March chart, support is the 20-day 
moving average at $4.27, which is where we closed Wednesday, with resistance 
the recent high at $4.34 1/2.

SOYBEANS:

   Soybean futures are 12 to 14 cents higher at midday with trade testing 
$11.40 up front as we see broad product strength and firm spread action. Meal 
is 5.00 to 6.00 higher and oil is 50 to 60 points higher. 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. The daily export wire saw 108,000 metric tons of soybeans sold to 
Egypt. Weekly export sales were disappointing at 281,800 metric tons of beans; 
357,000 of meal; and 2,100 of oil. On the March chart, support is $10.90, where 
prior resistance was before the bounce, with the fresh high at $11.41 1/2 as 
resistance.

WHEAT:

   Wheat futures are 4 to 10 cents higher at midday with trade creeping back 
closer to the recent highs with broad winter wheat strength. Weather for the 
Plains looks to stay warmer than normal with better moisture the second half of 
the month. Matif wheat is slightly higher as well. Weekly export sales were 
solid at 488,000 metric tons. On the KC March chart, support is the 20-day 
moving average at $5.34, that we again bounced from, with resistance the recent 
high at $5.50.

   **

   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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