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DTN Midday Grain Comments     02/11 10:49

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
6 to 7 cents higher; wheat futures are 4 to 8 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
6 to 7 cents higher; wheat futures are 4 to 8 cents higher. The U.S. stock 
market is mixed with the S& P 2 points lower. The U.S. Dollar Index is 28 
points lower. The interest rate products are weaker. Energy trade is firmer 
with crude .90 higher with natural gas .12 points higher. Livestock trade is 
mixed with hogs leading. Precious metals are weaker with gold off .40.

CORN:

   Corn futures are 4 to 5 cents higher at midday, pushing back toward the 
highs ahead of the February WASDE report at 11 a.m. CST. 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 continue to struggle with the unleaded rebound not enough to 
substantially boost blender margins yet. Basis action is expected to remain 
soft into potential storms limiting short-term movement. On the March chart, 
the 20-day moving average at $4.87 is support, which we held for now, with the 
fresh high at $4.98 1/2 as resistance.

SOYBEANS:

   Soybean futures are 6 to 7 cents higher at midday with trade edging back 
through nearby resistance in pre-report action. Meal is .50 to 1.50 lower and 
oil is 65 to 75 points higher. 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. 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 $10.51, which we are just above at midday, with 
the fresh high at $10.79 3/4, the next level of resistance.

WHEAT:

   Wheat futures are 4 to 8 cents higher at midday with trade finding light 
buying pre-report after pulling off the highs to start the week. 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 under the market. 
MATIF wheat is mixed Tuesday morning, holding the upper end of the range as 
well. Black Sea cash offers are expected to remain firm in the short term. On 
the KC March chart, support is the 20-day moving average at $5.77 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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