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DTN Midday Grain Comments 02/02 11:40
Corn, Soybean, Wheat Futures Lower at Midday Monday
Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 4
to 6 cents lower; wheat futures are 7 to 11 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 4
to 6 cents lower; wheat futures are 7 to 11 cents lower. The U.S. stock market
is firmer at midday with the S&P 35 higher. The U.S. Dollar Index is 55 higher.
The interest rate products are weaker. Energy trade is sharply lower with crude
off 3.30 and natural gas is .88 lower. Livestock trade is firmer across the
board with feeder cattle leading. Precious metals are mixed with gold 20.00
lower.
CORN:
Corn futures are 3 to 4 cents lower at midday with rangebound action
continuing and little other fresh news besides outside market spillover helping
to limit upside with the dollar and energies. Ethanol margins look to hold
sideways with the spring inventory build to pick up soon. Weekly export
inspections softened at bit at 1.136 million metric tons (mmt) with
year-to-date pace holding at 150%. Basis will likely remain flat in the short
term. New-crop price ratios continue to favor corn but beans are holding the
recent gains. On the March chart, support is the recent low at $4.17 with the
20-day moving average above the market at $4.30, which we have faded from in
recent days.
SOYBEANS:
Soybean futures are 4 to 6 cents lower at midday with trade fading back to
nearby support as short-term Argentina dryness eased a bit and oil fades back
from the upper end of the range. Meal is flat to 1.00 lower and oil is 55 to 65
points lower. Brazil harvest will continue to expand with early yields strong
and Argentina seeing some moisture catch-up. Basis may start finding a little
better support if shipments continue to improve. Weekly export inspections held
the recent improvement at 1.311 mmt, improving year-to-date pace to 64%. On the
March chart, support is the 20-day moving average at $10.59, which we are
testing at midday, with resistance the Upper Bollinger Band at $10.77.
WHEAT:
Wheat futures are 7 to 11 cents lower at midday with trade fading further
off the recent highs with the firmer dollar and softer row-crop action limiting
upside to start. Weather for the Plains looks to warm back to seasonal temps
with overall moisture expected to improve the second week. Matif wheat is
weaker to start. Weekly export inspections were solid at 326,828 metric tons
with year-to-date pace at 120%. 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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