DTN Midday Grain Comments     02/24 10:46

   Soybean Futures Higher at Midday Tuesday; Corn Lower; Wheat Mixed

   Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are 6 
to 7 cents higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are 6 
to 7 cents higher; wheat futures are narrowly mixed. The U.S. stock market is 
firmer at midday with the S&P 40 points higher. The U.S. Dollar Index is 7 
points higher. The interest rate products are mixed. Energy trade is flat with 
crude off .20 and natural gas is off .01. Livestock trade is firmer with hogs 
leading. Precious metals are mixed with gold 60.00 lower.

CORN:

   Corn futures are 1 to 2 cents lower at midday with the current range holding 
with little fresh news to drive action this morning. Ethanol margins are 
getting a boost from firmer unleaded into spring. Basis will likely see little 
near-term change into March delivery. New-crop price ratios have stabilized 
more in recent days. On the March chart, resistance is the 20-day moving 
average at $4.29, which we faded back from with support the lower Bollinger 
Band at $4.24.

SOYBEANS:

   Soybean futures are 6 to 7 cents higher with choppy trade at the upper end 
of the range continuing. Meal is 2.00 to 3.00 higher and oil is 40 to 50 points 
higher. Brazil harvest will roll along with mostly drier recent weather while 
Argentina caught some more showers. Basis will likely remain flat as shipping 
slowed a bit. On the March chart, support is $11.08, where we find the 20-day 
moving average with the fresh high at $11.48 1/2 as resistance.

WHEAT:

   Wheat futures are narrowly mixed with Chicago action leading again as it 
reestablishes a small premium to KC trade with little other fresh news. Weather 
for the Plains looks to stay warmer after the brief cool down with better 
moisture for the north into March. Matif wheat is slightly firmer as well. On 
the KC March chart, support is the 20-day moving average at $5.43 that we 
bounced from with resistance the fresh high at $5.78 1/2.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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