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DTN Midday Grain Comments     02/29 13:15

   Corn, Wheat Higher, Beans Lower at Midday Thursday

   Corn trade is flat to 1 cent higher. Beans are 2-3 cents lower and wheat 
trade is 2-4 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is mixed at midday with the S&P 10 points higher. The 
dollar index is 11 points higher. The interest rate products are firmer. 
Energies have crude .30 higher and natural gas .03 lower. Livestock trade is 
mixed with hogs leading. Precious metals are firmer with gold up $10.

CORN:

   Corn trade is flat to a penny higher overnight with two-sided action as we 
faded from strength this morning after the initial selloff turned to buying. 
Ethanol margins are seeing a little pressure from the corn rebound while 
blenders will benefit as spring blends become more widespread.

   The daily wire was quiet again today with weekly sales remaining solid at 
1.08 million metric tons (mmt) old crop and 165,000 of new. Basis will likely 
see some short-term pressure as May becomes from month with the extra farmer 
pricing in recent days with stabilization likely into the weekend. Early 
second-crop corn should continue to progress in Brazil with planting pace ahead 
of average with eyes turning towards longer-term weather. On the May chart, the 
20-day at $4.36 is nearby resistance with the lower Bollinger Band at $4.10 
just above the $4.06 3/4 fresh low as support.  

SOYBEANS:

   Soybean trade is 2-3 cents lower at midday with action trying to bounce off 
another fresh low scored overnight with better product action developing. Meal 
is $1 to $2 higher and oil is flat to 10 points higher. South American weather 
should allow for Brazil's harvest to keep moving along with some late dryness 
lingering in Argentina.

   The daily wire was quiet today with weekly sales remaining soft at 159,700 
metric tons (mt) of beans, meal was good at 456,200 mt old crop, and 6,400 of 
new, along with 3,000 of oil. Basis should remain flat short term domestically 
as March goes into delivery. May soybeans have resistance at the 20-day moving 
average at $11.76. The $11.30 1/4 fresh low scored this morning is nearby 
support with the lower Bollinger Band just below that at 11.26.

WHEAT:

   Wheat trade is 2-4 cents higher at midday with trade firming back off the 
overnight selling turning to a bit of strength during day trade with firmer 
spread action. The Plains will see warmer-than-normal temps persist into March 
with the midweek cold past us and better moisture possibilities into midmonth.

   The dollar is moving back towards the upper end of the recent range with 
Matif wheat holding just above the recent lows with pressure today. Weekly 
export sales remained rangebound at 327,300 mt of old crop, and -5,200 of new. 
On the KC May chart, resistance is at the 20-day moving average at $5.90. 
Support is the fresh low at $5.56 3/4 with the lower Bollinger Band just below 
$5.53.

   David Fiala can be reached at dfiala@futuresone.com. 

   Follow him on X, formerly Twitter, @davidfiala.




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