DTN Midday Grain Comments 02/19 11:03

DTN Midday Grain Comments 02/19 11:03 Corn, Soybean Futures Higher at Midday; Wheat Flat-Lower Corn futures are 1 to 2 higher at midday Wednesday; soybean futures are 4 to 5 cents higher; wheat futures are flat to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 higher at midday Wednesday; soybean futures are 4 to 5 cents higher; wheat futures are flat to 8 cents lower. The U.S. stock market is flat to lower with the S&P 2 points lower. The U.S. Dollar Index is 21 points higher. The interest rate products are mixed. Energy trade is firmer with crude .80 higher with natural gas .21 higher. Livestock trade is mixed with live cattle leading. Precious metals are weaker with gold off 8.00. CORN: Corn futures are 1 to 2 cents higher at midday with trade seeing light, two-sided action as we consolidate the upper end of the range, holding March above $5.00. Ethanol margins will remain tight with the weekly report delayed until Thursday, and production likely to fall with the cold weather this week. Basis action should find some strength with winter weather slowing movement. On the March chart, the 20-day moving average at $4.90 is support with the fresh high at $5.04 1/2 as resistance. SOYBEANS: Soybean futures are 4 to 5 cents higher at midday with meal leading the product complex as we press back toward nearby resistance. Meal is 2.00 to 3.00 higher and oil is 45 to 55 points lower. January crush pace backed off a little from December but was 7.9% ahead of a year ago. South America would continue to see harvest progress north, with further relief rains south. 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 $10.49, which we are consolidating below, with the Lower Bollinger Band at $10.25 as the next level of support. WHEAT: Wheat futures are flat to 8 cents lower at midday with trade fading back from the highs again overnight with winter wheats the downside leader as we ease overbought conditions. Cold air with some snow is expected to sit over the Plains until warmer weather returns this weekend with good snow cover for much of the Plains. MATIF wheat is weaker to start after the bounce Tuesday while we wait further Black Sea developments. On the KC March chart, support is the 20-day moving average at $5.90 with the fresh high at $6.30 1/2 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.