DTN Grain Midday: Corn, Wheat FuturesTurn Sour

    Corn pouring out of an auger during corn harvest. Photo: ©Debra L Ferguson Stock Photography

    Trade is mixed at midday with soybeans higher, wheat and corn lower.


    Corn trade is 2 cents lower at midday with early strength fading as soybeans fade off their high. Wet weather should slow early double-crop planting in Brazil but major concerns are limited for now. Ethanol margins are stable but soft with the winter driving season still dominating but ethanol futures have edged higher this morning.

    The February USDA World Agricultural Supply and Demand Estimates are due out Thursday, and then we will have the USDA Outlook Forum at the end of the month as news to look forward to. The weekly export inspections remained solid on the weekly report this morning at 1.13 million metric tons.

    On the March corn chart support is the 10-day and 20-day at $3.63-$3.64 area which we are testing at midday, with the 200-day resistance at $3.68 which was tested overnight, then the $3.71 recent high.


    Soybean trade is 7 cents higher at midday with momentum flat to down after trading up near 15 cent higher. Meal is $2 higher and oil is 30 points higher. China’s New Year holiday has wrapped up with more buying interest expected to come back into the markets. The wet areas of South American are expected to stay wet, with drier areas catching some rain.

    November soybeans have held above $10 this week keeping soybean planted acre estimating high as we approach USDA survey season. The weekly export inspections were strong at 1.635 million metric tons.

    On the March soybean chart futures we challenged the 20-day at $10.40 this morning but couldn’t hold it. It is nearby resistance then the $10.45 10-day. Support is at the $10.16 200-day, then the $10.04 100-day moving average.


    Wheat trade is 1 to 5 cents lower at midday with early strength fading during the day session. The dollar has edged back above 100 this morning on the index but remains in the lower side of the recent rain.

    Some U.S. export business might have gotten done to North Africa with Panamax vessels now competitive on the world market. The western belt is still short moisture with well-above-normal temperature on deck, which is limiting downside with lower spring wheat acreage expected due to low prices.

    The weekly export inspections were strong at 618,235 metric tons. This is supporting Minneapolis which maintains a strong premium.

    On the March Kansas City contract support is at the 10-day at $4.37 with resistance at the $4.54 200-day.

    General Comments

    The U.S. stock market indices are mixed with the Dow futures up 4 points. The interest rate products are higher. The dollar index is 20 points higher. Energies are lower with crude down 0.45. Livestock trade is mixed. Precious metals are higher with gold up $10.

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