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DTN Midday Grain Comments 02/05 10:42
Corn, Soybean, Wheat Futures All Higher at Midday Thursday
Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are
17 to 19 cents higher; wheat futures are 2 to 8 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are
17 to 19 cents higher; wheat futures are 2 to 8 cents higher. The U.S. stock
market is weaker at midday with the S&P 75 lower. The U.S. Dollar Index is 20
higher. The interest rate products are firmer. Energy trade is sharply lower
with crude 2.00 lower and natural gas .11 lower. Livestock trade is weaker with
cattle the downside leader. Precious metals are sharply lower as the rout
resumes with gold off 100.00.
CORN:
Corn futures are 3 to 4 cents higher at midday with firmer spread action as
we edge past nearby resistance following bean strength. Ethanol margins remain
within the recent range. Weekly export sales were still solid at 1.0421 million
metric tons (mmt) and sorghum sales continue to rebound. Basis will likely
remain flat in the short term. New-crop price ratios continue to shift toward
beans with the move from Wednesday but more will likely be needed. On the March
chart, support is the recent low at $4.17 with the 20-day moving average below
midday action at $4.29 with a good close needed to induce buyers.
SOYBEANS:
Soybean futures are 17 to 19 cents higher at midday with post-trade
announcement gains consolidating. Meal is 7.00 to 8.00 higher and oil is
narrowly mixed. Brazil harvest will continue to move ahead with Argentina
dryness lingering. Basis may start finding a little better support if shipments
continue to improve. Weekly export sales were soft at 436,900 metric tons (mt)
with meal sales good at 380,300 and oil soft at 1,000. On the March chart,
support is the prior resistance at $10.77 with the high at $11.10 as resistance
as we digest the big move.
WHEAT:
Wheat futures are 2 to 8 cents higher as we follow the lead of the row crops
but remain just short of the top of the range. Weather for the Plains looks to
warm back to seasonal temps with overall moisture expected to improve next week
with warm temps holding. Matif wheat is firmer so far Thursday as it holds the
top end of the range as well. Weekly export sales were solid at 373,900 mt. On
the KC March chart, support is the 20-day moving average at $5.30 with
resistance the fresh high at $5.50 touched Friday.
**
NOTE: Hear DTN Lead Analyst Rhett Montgomery and Ag Meteorologist John
Baranick at the National Farm Machinery Show, Feb. 11-13, in Louisville,
Kentucky. Their daily Weather and Markets Outlook sessions are at 10:00 a.m.
EST, in Room B102, South Wing of the Kentucky Exposition Center. Note, this is
a different room than previous years. You'll also learn about new digital
products DTN is developing. Look forward to seeing you in Louisville!
**
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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