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DTN Midday Grain Comments     02/24 10:47

   Grains Seeing Lots of Green on the Board Midday

   Corn is 3 to 5 cents higher, soybeans are 11 to 13 cents higher and wheat is 
8 to 11 cents higher.

David M. Fiala
DTN Contributing Analyst

   The U.S. stock market is firmer with the Dow up 250 points. The U.S. Dollar 
Index is 0.15 higher. Interest rate products are weaker. Energies are firmer 
with crude up $1.60. Livestock trade is firmer. Precious metals are mixed with 
gold down $12.00.


   Corn trade is 3 to 5 cents higher at midday Wednesday with mixed spread 
action as trade continues to test the upper end of the range and remains at 
contract highs for new crop. Ethanol production was down 253,000 barrels per 
day last week in the expected contraction, with stocks down 1.513 million 
barrels as production is recovering this week while the energy complex 
continues to firm. Trade will continue to look for further export-sale 
confirmations with the daily wire remaining quiet Wednesday, while shipping 
pace should recover further this week. Basis should remain sideways short term. 
Double crop planting in Brazil is well underway as well but behind the usual 
pace. On the March contract support is the 20-day at $5.47 with the upper 
Bollinger Band at $5.63 as resistance.


   Soybeans is 11 to 13 cents higher at midday with trade making new highs 
again before fading slightly, and November remains near contract highs. Meal is 
$1.50 to $2.50 higher and oil is 1.45 cents to 1.55 cents higher. Basis will 
likely remain flat at strong levels with slower movement as the export program 
winds down and a bigger focus is on crush margins. Brazil should catch rains 
short term with harvest underway and behind the usual pace. Export shipments 
are picking up steam, with Argentina action trending warmer and drier over the 
next week. November soybeans scored new highs along with December corn as they 
try to make a late acre push. The March chart has resistance at the fresh high 
at $14.26 1/2, with support the 20-day at $13.77.


   Wheat trade is 8 to 11 cents higher at midday with trade pushing to new 
highs on support from cold Russian weather and spillover from the row crops. 
The dollar looks to be settling into a 90-91 range on the index and trade 
remains in the lower end of the range despite the firmer action to start the 
week. The Plains should see snow cover lift this week with sustained warmer 
weather likely to start growth into mid-March. KC is at 24-cent discount to 
Chicago; Minneapolis is at 31-cent discount with steady action so far. KC March 
chart support is the 20-day at $6.29, and resistance is the upper Bollinger 
Band at $6.49, which we are testing at midday.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala

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