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DTN Midday Grain Comments 02/26 10:50
Soybean Futures Lower at Midday Thursday; Corn, Wheat Mixed
Corn futures are narrowly mixed at midday Thursday; soybean futures are 5 to
6 cents lower; wheat futures are narrowly mixed.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are narrowly mixed at midday Thursday; soybean futures are 5 to
6 cents lower; wheat futures are narrowly mixed. The U.S. stock market is
weaker at midday with the S&P 45 points lower. The U.S. Dollar Index is 15
points higher. The interest rate products are firmer. Energy trade is mixed
with crude up 1.10 and natural gas is off .05. Livestock trade is weaker with
cattle sharply lower. Precious metals are weaker with gold 32.00 lower.
CORN:
Corn futures are narrowly mixed at midday with trade edging past nearby
resistance to start the session before shifting to two-sided action as negative
spillover from soybeans picked up. Ethanol margins are starting to get a boost
from spring/summer blends coming on line to encourage blenders. The daily
export wire saw 178,000 metric tons of corn sold to Japan with weekly sales
softer at 685,800 metric tons of old crop, and 11,700 of new. Basis will likely
see little near-term change into March delivery. New-crop price ratios are
favoring corn slightly after the bean strength eased. On the March chart,
resistance is the 20-day moving average at $4.29, which we are just above at
midday, with support the lower Bollinger Band at $4.24.
SOYBEANS:
Soybean futures are 5 to 6 cents lower at midday with another set of fresh
highs overnight before long liquidation picked up with meal the downside leader
in the product complex as we work to ease overbought conditions. Meal is 1.00
to 2.00 lower and oil is 80 to 90 points higher. Brazil harvest will roll along
with the north slowed a little with rains and little change in Argentina
conditions. Basis will likely remain flat as shipping slowed a bit. Weekly
export sales were soft at 407,100 metric tons with meal at 269,900 and oil at
1,500. On the March chart, support is $11.12, where we find the 20-day moving
average, with the fresh high at $11.56 as resistance.
WHEAT:
Wheat futures are narrowly mixed at midday as well with Chicago action
continuing to lead in the short term as it extends the nearby premium to KC
trade. Weather for the Plains looks to stay warmer after the brief cool down
with better moisture for the north into March while concerns will linger for
the southwest Plains. Matif wheat is firmer Thursday. Weekly export sales were
softer at 243,000 metric tons. On the KC March chart, support is the 20-day
moving average at $5.44, which we bounced from, with resistance the fresh high
at $5.78 1/2.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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