DTN Midday Grain Comments 02/03 10:53

DTN Midday Grain Comments 02/03 10:53 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 7 to 8 cents higher at midday Monday; soybean futures are 14 to 15 cents higher; wheat futures are 7 to 12 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 7 to 8 cents higher at midday Monday; soybean futures are 14 to 15 cents higher; wheat futures are 7 to 12 cents higher. The U.S. stock market is weaker with the S&P 39 points lower but well off the early lows. The U.S. Dollar Index is 40 points higher. The interest rate products are firmer. Energy trade is firmer with crude .30 higher with natural gas .33 higher. Livestock trade is weaker with the hogs downside leader. Precious metals are firmer with gold up 24.00. CORN: Corn futures are 7 to 8 cents higher at midday with losses turning to gains after the implementation of tariffs on Mexico was delayed a month as we stay in the middle of the range. Ethanol margins will continue to struggle as corn and natural gas firm, and spring demand isn't quite here yet. Weekly export inspections were strong at 1.252 million metric tons (mmt) with year-to-date pace at 133%. Basis action is expected to remain soft with demand concerns likely to hang around. On the March chart, the 20-day moving average at $4.78 is support with the fresh high at $4.97 1/2 as resistance. SOYBEANS: Soybean futures are 14 to 16 cents higher with trade extending gains as tariff concerns ease with oil leading products while South American harvest will continue to move ahead. Meal is .50 to 1.50 higher and oil is 55 to 65 points higher. South America weather continues the recent pattern with Brazil harvest to continue expansion while concerns linger in Argentina with some recent rains boosting struggling crops. Weekly export inspections were decent at 1.013 mmt keeping us at 116% of the prior year's pace. Basis should stabilize and remain more toward flat in the near term. On the March chart, trade has support at the 20-day moving average at $10.36, which we bounced from overnight, with the recent high at $10.73 1/2 the next level of resistance. WHEAT: Wheat futures are 7 to 12 cents higher at midday, reversing higher again to follow the row crops and hold the upper end of the range with support from the dollar fading, and euro values firming. The Plains are expected to cool back into midmonth with some moisture potential. MATIF wheat is back into the upper end of the range with the early strength. Weekly export inspections were softer at 252,637 metric tons, with year-to-date pace holding at 124%. On the KC March chart, support is the 20-day moving average at $5.63 with the Upper Bollinger Band at $5.87 as resistance, which we are testing at midday. David Fiala can be reached at [email protected] Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.