DTN Midday Grain Comments     02/03 10:55

   Corn, soybean Futures Higher at Midday Tuesday; Wheat Mixed

   Corn futures are 2 to 3 cents higher at midday Tuesday; soybean futures are 
5 to 6 cents higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Tuesday; soybean futures are 
5 to 6 cents higher; wheat futures are narrowly mixed. The U.S. stock market is 
weaker at midday with the S&P 75 lower. The U.S. Dollar Index is 20 lower. The 
interest rate products are weaker. Energy trade is firmer with crude up .70 and 
natural gas is .12 higher. Livestock trade is firmer across the board with back 
month cattle leading. Precious metals are sharply higher with gold 337.00 
higher.

CORN:

   Corn futures are 2 to 3 cents higher at midday with firmer spread action as 
rangebound trade continues. Ethanol margins should remain stable in the short 
term. Basis will likely remain flat in the short term. New-crop price ratios 
continue to favor corn, but beans are gaining again Tuesday morning. On the 
March chart, support is the recent low at $4.17 with the 20-day moving average 
above the market at $4.29, which we have faded from in recent days.

SOYBEANS:

   Soybean futures are 5 to 6 cents higher at midday with trade bouncing off 
the support areas tested Monday with oil snapping back to the upper end of the 
range. Meal is 1.00 to 2.00 lower and oil is 90 to 100 points higher. Brazil 
harvest will continue to expand with early yields strong and Argentina is 
seeing improvement but some short-term dryness lingering. Basis may start 
finding a little better support if shipments continue to improve. On the March 
chart, support is the 20-day moving average at $10.60, which we bounced from 
Monday, with resistance the Upper Bollinger Band at $10.77.

WHEAT:

   Wheat futures are narrowly mixed at midday with Chicago action leading as 
the dollar gains slow and trade works to consolidate the upper end of the range 
further. Weather for the Plains looks to warm back to seasonal temps with 
overall moisture expected to improve next week. Matif wheat is firmer so far 
Tuesday as it holds the top end of the range as well. 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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