DTN Midday Grain Comments 02/06 10:55

DTN Midday Grain Comments 02/06 10:55 Wheat Futures Higher at Midday; Soybeans Lower; Corn Mixed Corn futures are narrowly mixed at midday Thursday; soybean futures are 1 to 2 cents lower; wheat futures are 8 to 11 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Thursday; soybean futures are 1 to 2 cents lower; wheat futures are 8 to 11 cents higher. The U.S. stock market is mixed with the S&P 11 points higher. The U.S. Dollar Index is 20 points higher. The interest rate products are weaker. Energy trade is firmer with crude .30 higher and natural gas .02 higher. Livestock trade is sharply lower with cattle leading. Precious metals are mixed with gold down 17.00. CORN: Corn futures are narrowly mixed at midday with trade seeing two-sided action so far, bouncing back from a test of support early. Ethanol margins remain sideways with rising inventories ahead of spring to keep upside in check. Weekly export sales were strong at 1.447 million metric tons (mmt) old crop and 50,000 metric tons (mt) new crop. Basis action should remain sideways as commercials digest the recent movement. The December futures continue to hold their advantage versus November soybeans. On the March chart, the 20-day moving average at $4.83 is support with the fresh high at $4.98 1/2 as resistance. SOYBEANS: Soybean futures are 1 to 2 cents lower at midday with early gains fading as we continue to chop along the upper end of the range. Meal is 2.50 to 3.50 lower and oil is flat to 10 points higher. South America weather should keep some relief in play for Argentina with Brazil harvest rolling forward between rains. Weekly export sales were soft at 387,700 mt of beans; 2,200 of oil; and meal a marketing year high at 530,600 mt. 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 $10.48, which we bounced from Wednesday, with the fresh high at $10.79 3/4 the next level of resistance. WHEAT: Wheat futures are 8 to 11 cents higher with trade consolidating the upper end of the range, holding just off the fresh highs. The Plains are expected to stay cool but not excessively cold with near term moisture limited. MATIF wheat is firmer Thursday morning with support from the stronger dollar. Weekly export sales were solid at 438,900 mt old crop and 47,300 mt new. Black Sea cash offers continue to hold the upper end of the recent range as well. On the KC March chart, support is the 20-day moving average at $5.69 with the fresh high at $6.06 as resistance. David Fiala can be reached at [email protected] 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. (c) Copyright 2025 DTN, LLC. All rights reserved.