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DTN Midday Grain Comments     02/10 10:53

   Corn Futures Higher at Midday; Soybeans Mixed; Wheat Lower

   Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are 
narrowly mixed; wheat futures are 1 to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are 
narrowly mixed; wheat futures are 1 to 6 cents lower. The U.S. stock market is 
firmer with the S&P 35 points higher. The U.S. Dollar Index is 21 points 
higher. The interest rate products are firmer. Energy trade is firmer with 
crude 1.10 higher with natural gas .14 points higher. Livestock trade is mostly 
higher. Precious metals are firmer with gold up 45.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with early selling turning to 
buying as we started the day session with overall rangebound action continuing 
ahead of the February WASDE report Tuesday. On the report, trade is looking for 
domestic carryout at 1.521 billion bushels (bb) versus 1.540 bb last month, 
with a slight decline for South American production. Ethanol margins look to 
remain rangebound to start the week. The daily export wire saw 365,000 metric 
tons (mt) of old crop sold to Mexico. Weekly export inspections were strong at 
1.334 million metric tons (mmt) with pace still running at 134% of last year. 
Basis action is expected to show little short-term change with soft upfront 
spreads indicating commercials are well supplied. On the March chart, the 
20-day moving average at $4.86 is support, which we held for now, with the 
fresh high at $4.98 1/2 as resistance.

SOYBEANS:

   Soybean futures are narrowly mixed at midday with trade continuing to chop 
just below nearby resistance with quiet action in the product complex to start 
the week. Meal is flat to 1.00 lower and oil is 10 to 20 points lower. On the 
WASDE report, trade is looking for domestic carryout at 376 million bushels 
(mb) versus 380 mb last month, with South American production down slightly. 
South America weather doesn't show much near-term change from the recent 
pattern with harvest to continue to expand in Brazil. Weekly export inspections 
were strong at 1.042 mmt. Basis is expected to remain flat to soft in the near 
term. On the March chart, trade has resistance at the 20-day moving average at 
$10.51, which we are just below at midday, with the fresh high at $10.79 3/4 
the next level of resistance.

WHEAT:

   Wheat futures are 1 to 6 cents lower at midday with action continuing to 
chop just below the recent highs as the stronger dollar limits upside a bit. On 
the report, trade is looking for domestic carryout at 801 mb versus 798 mb last 
month with world stocks unchanged. Cold air with some snow is expected to work 
across the Plains over the next week, which should keep some support in play. 
MATIF wheat is firmer Monday, holding the upper end of the range as well. Black 
Sea cash offers are expected to remain firm in the short term. Weekly export 
inspections remained solid at 536,217 mt. On the KC March chart, support is the 
20-day moving average at $5.75 with the fresh high at $6.14 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala

   **

   Come see DTN at the National Farm Machinery Show in Louisville, Kentucky, 
Feb. 12-15. Our 2025 Global Commodity Market and Weather Outlook presentation, 
featuring Lead Analyst Rhett Montgomery and Ag Meteorologist John Baranick is 
scheduled for 2:30-3:30 p.m. Wednesday, Feb. 12; 8:30-10:00 a.m. Thursday, Feb. 
13; 10:00-11:00 a.m. Friday, Feb. 14. All times Eastern Standard.

    




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