DTN Midday Grain Comments 02/26 10:53

DTN Midday Grain Comments 02/26 10:53 Corn, Beans Lower; Wheat Mixed at Middday Monday Corn trade is 2-4 cents lower. Beans are 5-7 cents lower and wheat trade is 5 cents lower to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 5 points lower. The dollar index is 12 points lower. The interest rate products are weaker. Energies have crude .70 higher and natural gas .09 higher. Livestock trade is mixed after early weakness. Precious metals are weaker with gold off $12. CORN: Corn trade is 2-4 cents lower at midday with early gains turning to selling pressure again with trade extending the already deeply oversold conditions as we approach the March contract going into delivery with soft spread action. Ethanol margins remain stable with unleaded phasing in spring blends which boosts blender margins along with the cheaper corn and natural gas while nearby supplies remain ample and limiting to upside. The daily wire was quiet for corn today with weekly export inspections stronger at 1.242 million metric tons (mmt). Basis has stayed steady as we head towards the end of the month and the farmer position is expected to weigh further as basis contract gets rolled or priced. Early second-crop corn should continue to progress in Brazil. On the March chart, the 20-day at $4.28 is nearby resistance with the lower Bollinger Band at $3.99 just above the $3.95 1/4 fresh low as support. SOYBEANS: Soybean trade is 5-7 cents lower at midday with early strength turning to selling as well with product action staying flat as we work to ease oversold conditions and see how Brazil's harvest continues to progress. Meal is flat to $1 lower and oil is flat to 10 points higher. South American weather should continue the recent pattern into midmonth with harvest moving along further while Argentina looks to be mixed to better short term. The daily wire was quiet today with weekly export inspections in line with recent weeks at 974,977 metric tons (mt). Basis should remain flat short term domestically. March soybeans have resistance at the 20-day moving average of $11.81. The $11.25 1/2 fresh low scored this morning is nearby support with the lower Bollinger Band just above that at $11.33. WHEAT: Wheat trade is 5 cents lower to 5 cents higher with KC action leading with firmer spread action so far with trade back to grinding along the lower end of the range with continued spillover pressure from row crops limiting some of the early strength. The Plains will see warmer-than-normal temps persist into March with a midweek cold snap with better moisture possibilities into midmonth. The dollar is pulling back further from recent highs, with Matif wheat holding just above the recent lows. Wheat export inspections were rangebound at 481,999 mt. On the KC March Chart, resistance is at the 20-day moving average of $5.98, which we remain well below. Support is the fresh low at $5.63 with the lower Bollinger Band just below that at $5.55. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.