DTN Midday Grain Comments     02/09 10:51

   Corn, Soybean, Wheat Futures All Lower at Midday Monday

   Corn futures are 2 to 3 cents lower at midday Monday; soybean futures are 5 
to 6 cents lower; wheat futures are 1 to 3 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Monday; soybean futures are 5 
to 6 cents lower; wheat futures are 1 to 3 cents lower. The U.S. stock market 
is mixed at midday with the S&P 35 higher. The U.S. Dollar Index is 66 points 
lower. The interest rate products are mixed. Energy trade is firmer with crude 
up .70 and natural gas is .22 lower. Livestock trade is mixed, fading from a 
strong start. Precious metals are sharply higher with gold 115.00 higher.

CORN:

   Corn futures are 2 to 3 cents lower at midday with a little further fade 
from the upper end of the range tested last week as we head toward the USDA 
report Tuesday. 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. Weekly export inspections 
remained solid at 1.308 million metric tons (mmt) with year-to-date pace at 
147%. 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 5 to 6 cents lower at midday with trade working to 
consolidate after reversing off the fresh high Friday in pre-report action. 
Meal is 5.00 to 6.00 lower and oil is 100 to 110 points higher with fresh highs 
being scored there. 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. Basis may start finding a little better support 
if shipments continue to improve. The daily export wire saw 264,000 metric tons 
(mt) sold to China. Weekly export inspections are holding gains at 1.136 mmt 
with year-to-date pace at 66% now. 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 1 to 3 cents lower at midday with Chicago action leading 
as it pulls back to even trade with KC action and the overall ranges holding. 
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 
slightly weaker to start the week. Weekly export inspections were strong at 
580,130 mt with year-to-date pace holding at 118%. On the KC March chart, 
support is the 20-day moving average at $5.30, which we tested 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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