DTN Midday Grain Comments 02/13 10:49

DTN Midday Grain Comments 02/13 10:49 Corn Higher, Beans Lower, Wheat Mixed Corn trade is 1-2 cents higher. Beans are 3-5 cents lower and wheat trade is 6 cents lower to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday with the S&P 55 points lower. The dollar index is 65 points higher. The interest rate products are weaker. Energies have crude 1.00 higher and natural gas .09 lower. Livestock trade is mostly lower. Precious metals are mixed with gold down $26. CORN: Corn trade is 1-2 cents higher with trade continuing to grind along the lower end of the range with trade just off the highs while we try to ease oversold conditions and fight negative outside markets. Ethanol margins should remain range-bound short term with blenders getting a boost from the switch over to spring blends. The daily wire was quiet again today. Basis stayed steady as we head towards the end of the month and the farmer position is expected to weigh further. On the March chart, the 20-day at $4.42 3/4 is nearby resistance with the lower Bollinger Band at $4.29 just above the $4.28 1/4 fresh low as support. SOYBEANS: Soybean trade is 3-5 cents lower at midday with firmer spread action as products remain range-bound and South American progress continues to limit upside. Meal is $2 to $3 lower and oil is 10-20 points higher. South American weather should continue in the recent pattern into mid-month with harvest expanding. The daily wire remained quiet with the export window likely closed for significant new crop action. Basis should remain flat short term domestically. March soybeans have resistance at the 20-day moving average of $12.07. The $11.76 1/4 fresh low is nearby support with the lower Bollinger Band just above that at $11.75. WHEAT: Wheat trade is 6 cents lower to 4 cents higher with firm spread action as Chicago pulls ahead of KC action up front, getting close to inverting as well with short covering still limited despite the friendly spreads. The Plains will see warmer-than-normal temps persist with drier weather this week which could drive early growth and leave it vulnerable to a later cold snap. The dollar remains elevated with Matif wheat holding decent gains from the lows so far today. On the KC March chart, resistance is at the 20-day moving average of $6.14, which we faded from last week. Support is the lower Bollinger Band at $5.90. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.