DTN Midday Grain Comments 02/20 10:52

DTN Midday Grain Comments 02/20 10:52 Corn, Wheat Futures Higher at Midday; Wheat Mixed Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 12 to 13 cents higher; wheat futures are 3 cents lower to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 12 to 13 cents higher; wheat futures are 3 cents lower to 3 cents higher. The U.S. stock market is sharply lower with the S&P 50 points lower. The U.S. Dollar Index is 50 points lower. The interest rate products are firmer. Energy trade is mixed with crude .60 higher with natural gas .21 lower. Livestock trade is sharply lower. Precious metals are firmer with gold up 22.70. CORN: Corn futures are 3 to 4 cents higher at midday with mostly firmer spread action as trade continues to hold the upper end of the range with consistent buying over the course of the day session. Ethanol margins will remain tight with cold weather limiting production this week. Weekly export sales are expected to be in the 900,000 to 1.2 million metric ton (mmt) Friday. Basis action should find some strength with winter weather slowing movement. On the March chart, the 20-day moving average at $4.91 is support with the fresh high at $5.04 1/2 as resistance. SOYBEANS: Soybean futures are 12 to 13 cents higher at midday with broad product strength as trade pushes back towardsnearby resistance levels as we have consolidated the lower end of the range. Meal is 1.50 to 2.50 higher, and oil is 80 to 90 points higher. South America is expected to keep fresh beans flowing to export markets while the drier areas continue to see a bit of relief. Weekly export sales are expected to be in the 300,000 to 500,000 metric ton (mt) range Friday. Basis is expected to remain flat to soft near term as the export window closes further. On the March chart, trade has resistance at the 20-day moving average at $10.47, which we are consolidating below, with the Lower Bollinger Band at $10.25 as the next level of support. WHEAT: Wheat futures are 3 cents lower to 3 cents higher with Minneapolis wheat leading at midday and trade working to consolidate after the sharp pullback Wednesday eased overbought conditions. Cold air is expected to exit the Plains after Thursday with overall moisture likely to remain limited to melting snow cover in the short term. MATIF wheat is edging back lower Thursday with nothing new to drive action there or with the Black Sea areas. Weekly export sales are expected to be in the 300,000 to 450,000 mt range Friday. On the KC March chart, support is the 20-day moving average at $5.92 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.