DTN Midday Grain Comments     02/26 10:56

   Soybean, Wheat Futures Lower at Midday; Corn Flat-Lower

   Corn futures are flat to a penny lower at midday Wednesday; soybean futures 
are 7 to 8 cents lower; wheat futures are 7 to 12 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny lower at midday Wednesday; soybean futures 
are 7 to 8 cents lower; wheat futures are 7 to 12 cents lower. The U.S. stock 
market is firmer with the S&P 40 points higher. The U.S. Dollar Index is 5 
points higher. The interest rate products are mixed. Energy trade is weaker 
with crude .05 lower with natural gas .17 lower. Livestock trade is mixed. 
Precious metals are firmer with gold up 7.50.

CORN:

   Corn futures are flat to a penny lower with light, two-sided action again 
Wednesday with early strength fading as risk-off sentiment continues to hold. 
Ethanol margins will continue to struggle with unleaded soft and the weekly 
report showing production down 3,000 barrels per day with stocks 1.2 million 
barrels higher. Weekly export sales are expected to be in the 750,000 to 1.0 
million metric ton (mmt) range Thursday. Basis action should remain flat with 
warm-up and board weakness adding support. On the March chart, the 20-day 
moving average at $4.91 is resistance, with the Lower Bollinger Band at $4.78 
as support, which we tested overnight.

SOYBEANS:

   Soybean futures are 7 to 8 cents lower at midday in quiet trade at the lower 
end of the range again with products softening and little fresh news. Meal is 
flat to 1.00 lower, and oil is 45 to 55 points lower. South America should keep 
moving ahead harvest-wise with Argentina continuing to catch up moisture-wise 
in the still growing crop areas. Weekly export sales are expected to be in the 
300,000 to 450,000 metric ton (mt) range Thursday. Basis is expected to remain 
flat to softer as May becomes front-month. On the March chart, trade has 
resistance at the 20-day moving average at $10.44, which we are consolidating 
below, with the Lower Bollinger Band at $10.18 as the next level of support.

WHEAT:

   Wheat futures are 7 to 12 cents lower with trade trying find footing below 
nearby resistance after the recent fade along with little other market-moving 
news for right now and risk-off sentiment hurting trade. Warmer weather looking 
to linger on the Plains with some moisture over the next two weeks. MATIF wheat 
is weaker after early strength while we wait for further developments on the 
pollical and weather front for the Black Sea. On the KC March chart, resistance 
is the 20-day moving average at $5.98, which we faded through Tuesday, with 
further support at the lower Bollinger Band at $5.73.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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