DTN Midday Grain Comments 02/04 11:04

DTN Midday Grain Comments 02/04 11:04 Corn, Soybean Futures Higher at Midday; Wheat Mixed Corn futures are 6 to 7 cents higher at midday Tuesday; soybean futures are 9 to 10 cents higher; wheat futures are 3 cents lower to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 6 to 7 cents higher at midday Tuesday; soybean futures are 9 to 10 cents higher; wheat futures are 3 cents lower to 3 cents higher. The U.S. stock market is firmer with the S&P 45 points higher. The U.S. Dollar Index is 100 points lower. The interest rate products are mostly firmer. Energy trade is weaker with crude .30 lower with natural gas .09 lower. Livestock trade is mixed with the hogs upside leader. Precious metals are firmer with gold up 12.00. CORN: Corn futures are 6 to 7 cents higher at midday with trade coming within 3/4 of a cent of the recent high as near-term trade concerns receded and fresh money flows back into the market. Ethanol margins will continue struggle with corn values and unleaded values. The daily export wire saw 132,000 metric tons (mt) of corn sold to South Korea. Basis action is expected to remain soft with off-farm movement remaining strong. December corn futures continue to hold their advantage versus November soybeans. 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 9 to 10 cents higher with trade working just short of the recent highs as meal leads the product complex Tuesday with trade optimism offsetting Brazil harvest progress. Meal is 8.00 to 9.00 higher and oil is 70 to 80 points lower. South America weather continues the recent pattern with Brazil harvest to continue expansion while concerns linger in Argentina with some recent rains in the drier areas. 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 Monday, with the recent high at $10.73 1/2 the next level of resistance. WHEAT: Wheat futures are 3 cents lower to 3 cents higher at midday with trade continuing to hold the upper end of the range but further friendly news needed to spur further buying. The Plains are expected to cool back into mid-month with some moisture potential with a few more weeks before we start to exit dormancy. MATIF wheat is flat but holding the spreads at the upper end of the range. On the KC March chart, support is the 20-day moving average at $5.64 with the Upper Bollinger Band at $5.91 as resistance. David Fiala can be reached at [email protected] Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.