DTN Midday Grain Comments 02/11 10:49

DTN Midday Grain Comments 02/11 10:49 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 6 to 7 cents higher; wheat futures are 4 to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 6 to 7 cents higher; wheat futures are 4 to 8 cents higher. The U.S. stock market is mixed with the S& P 2 points lower. The U.S. Dollar Index is 28 points lower. The interest rate products are weaker. Energy trade is firmer with crude .90 higher with natural gas .12 points higher. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off .40. CORN: Corn futures are 4 to 5 cents higher at midday, pushing back toward the highs ahead of the February WASDE report at 11 a.m. CST. On the report, trade is looking for domestic carryout at 1.521 billion bushels (bb) versus 1.540 bb last month, with a slight decline for South American production. Ethanol margins continue to struggle with the unleaded rebound not enough to substantially boost blender margins yet. Basis action is expected to remain soft into potential storms limiting short-term movement. On the March chart, the 20-day moving average at $4.87 is support, which we held for now, with the fresh high at $4.98 1/2 as resistance. SOYBEANS: Soybean futures are 6 to 7 cents higher at midday with trade edging back through nearby resistance in pre-report action. Meal is .50 to 1.50 lower and oil is 65 to 75 points higher. On the WASDE report, trade is looking for domestic carryout at 376 million bushels (mb) versus 380 mb last month, with South American production down slightly. South America weather doesn't show much near-term change from the recent pattern with harvest to continue to expand in Brazil. Basis is expected to remain flat to soft in the near term as the export window closes further. On the March chart, trade has resistance at the 20-day moving average at $10.51, which we are just above at midday, with the fresh high at $10.79 3/4, the next level of resistance. WHEAT: Wheat futures are 4 to 8 cents higher at midday with trade finding light buying pre-report after pulling off the highs to start the week. On the report, trade is looking for domestic carryout at 801 mb versus 798 mb last month with world stocks unchanged. Cold air with some snow is expected to work across the Plains over the next week, which should keep some support under the market. MATIF wheat is mixed Tuesday morning, holding the upper end of the range as well. Black Sea cash offers are expected to remain firm in the short term. On the KC March chart, support is the 20-day moving average at $5.77 with the fresh high at $6.14 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.