DTN Midday Grain Comments     02/10 10:47

   Soybean Futures Higher at Midday Tuesday; Corn Flat-Higher; Wheat Mixed

   Corn futures are flat to a penny higher at midday Tuesday; soybean futures 
are 12 to 13 cents higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny higher at midday Tuesday; soybean futures 
are 12 to 13 cents higher; wheat futures are narrowly mixed. The U.S. stock 
market is mixed at midday with the S&P 3 points higher. The U.S. Dollar Index 
is 3 points lower. The interest rate products are firmer. Energy trade is mixed 
with crude off .30 and natural gas is .05 higher. Livestock trade is mixed. 
Precious metals are lower with gold 45.00 lower.

CORN:

   Corn futures are flat to a penny higher at midday with trade edging back 
toward the $4.30 area as we head toward the monthly WASDE report to be released 
at 11 a.m. CST. On the report, trade is looking for carryout at 2.236 billion 
bushels (bb) with South American production expected to ease slightly. Ethanol 
margins should remain stable in the short term with the switch to spring blends 
to boost blender margins coming soon. Basis will likely remain flat in the 
short term. New-crop price ratios need to narrow further to shift away from 
corn. On the March chart, support is the 20-day moving average at $4.24 with 
resistance the recent high at $4.34 1/2.

SOYBEANS:

   Soybean futures are 12 to 13 cents higher ahead of the report with meal 
rebounding as oil holds the fresh highs heading toward the report. Meal is 4.50 
to 5.50 higher and oil is flat to 10 points higher. On the report, trade is 
looking for carryout at 351 million bushels (mb) and South American production 
to be up a little from last month. Brazil harvest will continue to expand with 
early yields strong and little change for Argentina weather as some dryness 
lingers. Basis may start finding a little better support if shipments continue 
to improve. On the March chart, support is $10.90 where prior resistance was 
before the bounce with the spike high at $11.37 3/4 as resistance.

WHEAT:

   Wheat futures are narrowly mixed with KC action leading at midday after 
trading back to even with Chicago values. On the report, trade is looking for 
915 mb of carryout with world stocks unchanged from last month. Weather for the 
Plains looks to stay warmer than normal with better moisture the second half of 
the month. Matif wheat is flat so far today. On the KC March chart, support is 
the 20-day moving average at $5.30, which we are just below at midday, with 
resistance the recent high at $5.50.

   **

   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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