DTN Midday Grain Comments     02/11 10:59

   Corn, Soybean Futures Lower at Midday Wednesday; Wheat Higher

   Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 
7 to 8 cents lower; wheat futures are 1 to 4 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 
7 to 8 cents lower; wheat futures are 1 to 4 cents higher. The U.S. stock 
market is mixed at midday with the S&P 3 points higher. The U.S. Dollar Index 
is 20 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up 1.20 and natural gas is .05 higher. Livestock trade is 
mixed with live cattle leading. Precious metals are firmer with gold 61.00 
higher.

CORN:

   Corn futures are 2 to 3 cents lower at midday with trade fading off the 
$4.30 area again with little other fresh news as the overall range holds. On 
the report, trade saw carryout slip 100 million bushels (mb) from last month to 
2.127 billion bushels (bb) with South American production unchanged, and world 
stocks off 1.9 million metric tons (mmt) to 289.0 mmt. Weekly ethanol 
production showed was up by 154,000 barrels per day, while stocks rose 100,000 
barrels on the week. Wednesday morning, USDA announced private exporters had 
reported sales of 230,560 metric tons of corn received in the reporting period 
for delivery to unknown destinations during the 2025-26 marketing year. Weekly 
export sales Thursday are expected to be in the 300,000 to 500,000 metric ton 
range. Basis will likely remain flat in the short term. New-crop price ratios 
need to narrow further to shift away from corn. On the March chart, support is 
the 20-day moving average at $4.27, which we are testing at midday, with 
resistance the recent high at $4.34 1/2.

SOYBEANS:

   Soybean futures are 7 to 8 cents lower at midday with trade fading back off 
the post-report highs as oil fades off fresh highs again. Meal is 1.00 to 2.00 
lower and oil is 5 to 15 points lower. On the report, carryout was unchanged at 
350 mb and Brazil production rose by 2.0 mmt, which helped take world stocks up 
1.1 mmt to 125.5 mmt. Brazil harvest will continue to expand with early yields 
strong and little change for Argentina weather as rains are expected to pick 
up. Basis may start finding a little better support if shipments continue to 
improve in late winter. Weekly export sales are expected to be in the 400,000 
to 600,000 metric ton range Thursday. On the March chart, support is $10.90, 
where prior resistance was before the bounce, with the spike high at $11.37 3/4 
as resistance.

WHEAT:

   Wheat futures are 1 to 4 cents higher at midday with action edging back off 
the nearby support with little on the report to move action and limited 
row-crop spillover. On the report, carryout was raised 5 mb to 926 mb, and 
world stocks slipped .8 mmt to 277.5 mmt. Weather for the Plains looks to stay 
warmer than normal with better moisture the second half of the month. Matif 
wheat is slightly higher so far Wednesday. Weekly export sales are expected to 
be in the 200,000 to 400,000 metric ton range. On the KC March chart, support 
is the 20-day moving average at $5.32, which we are just below at midday, with 
resistance the recent high at $5.50.

   **

   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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