DTN Midday Grain Comments     02/13 10:50

   Soybean, Wheat Futures Lower at Midday Friday; Corn Mixed

   Corn futures are narrowly mixed at midday Friday; soybean futures are 5 to 6 
cents lower; wheat futures are 2 to 10 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Friday; soybean futures are 5 to 6 
cents lower; wheat futures are 2 to 10 cents lower. The U.S. stock market is 
firmer at midday with the S&P 24 points higher. The U.S Dollar Index is 7 
points higher. The interest rate products are firmer. Energy trade is weaker 
with crude off .15 and natural gas is off a penny. Livestock trade is mostly 
lower. Precious metals are firmer with gold 82.00 higher.

CORN:

   Corn futures are narrowly mixed at midday with lightly firmer spread action 
as we continue to chop along rangebound with little fresh news. Ethanol margins 
continue to track sideways, which should maintain production levels in the 
short term. Basis will likely remain flat in the short term. New-crop price 
ratios are edging back toward corn Friday, but soybeans are more competitive 
for marginal acres now. On the March chart, support is the 20-day moving 
average at $4.27 with resistance the recent high at $4.34 1/2.

SOYBEANS:

   Soybean futures are 5 to 6 cents lower at midday with softer spread action 
versus new crop as we pull back from the fresh highs with overbought 
conditions. Meal is 1.00 to 2.00 lower and oil is 70 to 80 points lower. Brazil 
harvest will continue to expand with early yields strong and little change for 
Argentina weather as rains are expected to pick up into next week. Basis may 
start finding a little better support if shipments continue to improve in late 
winter. On the March chart, support is $10.88, where we find the 20-day moving 
average, with the fresh high at $11.41 1/2 as resistance.

WHEAT:

   Wheat futures are 2 to 10 cents lower at midday with trade looking to hold 
the solid gains for the week with KC the weak leg of spread action Friday 
morning. Weather for the Plains looks to stay warmer than normal with better 
moisture the second half of the month. Matif wheat is a bit weaker as well with 
the euro holding strength versus the dollar. On the KC March chart, support is 
the 20-day moving average at $5.36, that we again bounced from, with resistance 
the fresh high at $5.55.

    

   **

   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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