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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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