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DTN Midday Grain Comments     02/21 11:09

   Corn, Beans and Wheat Lower at Middday Wednesday

   Corn trade is 6-7 cents lower. Beans are 10-12 cents lower and wheat trade 
is 5-10 cents lower.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is weaker at midday with the S&P 10 points lower. The 
dollar index is 2 points lower. The interest rate products are weaker. Energies 
have crude .60 higher and natural gas .20 higher. Livestock trade is mixed. 
Precious metals are mixed with gold off $4.


   Corn trade is 6-7 cents lower with trade once again scoring fresh lows as 
oversold conditions intensify with broad risk-off trade again today. Ethanol 
margins remain stable with unleaded phasing in spring blends with the weekly 
report delayed until tomorrow with signs of improved driving demand.

   The daily wire was quiet. Basis has stayed steady as we head towards the end 
of the month and the farmer position is expected to weigh further. Early 
second-crop corn planting in Brazil is moving along at a good clip. On the 
March chart, the 20-day at $4.35 is nearby resistance with the lower Bollinger 
Band at $4.10 just below the $4.11 1/4 fresh low as support.  


   Soybean trade is 10-12 cents lower at midday with trade fading back from the 
last two days of strength with meal the downside leader in product action and 
talk of South American production being understated for the prior year. Meal is 
3.50 to 4.50 lower and oil 45 to 55 points lower as crude softness keeps soy 
oil defensive. South American weather should continue to the recent pattern 
into mid-month with harvest moving along further with some concerns about drier 
short-term weather in Argentina short term. The daily wire was quiet today. 
Basis should remain flat short term domestically. The March soybeans have 
resistance at the 20-day moving average of $11.95. The $11.62 fresh low is 
nearby support with the lower Bollinger Band just below that at 11.55.


   Wheat trade is 5-10 cents lower at midday with trade working to consolidate 
the rebound to start the week as oversold conditions ease and spreads remain 
solid. The Plains will see warmer than normal temps persist into March with 
better moisture possibilities the second week. The dollar remains in the upper 
end of the range with Matif wheat fading again today and staying at the low end 
of the range. On the KC March chart, resistance is at the 20-day moving average 
of $6.07. Support is the fresh low at $5.63 with the lower Bollinger Band just 
above that at $5.69.

   David Fiala can be reached at 

   Follow him on X, formerly Twitter, @davidfiala.

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