DTN Midday Grain Comments     02/27 10:47

   Corn, Wheat Futures Higher at Midday Friday; Soybeans Flat-Lower

   Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 
flat to 2 cents lower; wheat futures are 10 to 14 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 
flat to 2 cents lower; wheat futures are 10 to 14 cents higher. The U.S. stock 
market is weaker at midday with the S&P 35 points lower. The U.S. Dollar Index 
is 15 points lower. The interest rate products are firmer. Energy trade is 
firmer with crude up 1.50 and natural gas is up .02. Livestock trade is weaker 
with cattle sharply lower. Precious metals are firmer with gold 60.00 higher.

CORN:

   Corn futures are 2 to 3 cents higher at midday as March goes into delivery 
with spread action firming as we push to fresh post-report highs. Ethanol 
margins are starting to get a boost from spring/summer blends coming online to 
encourage blenders, along with the broad jump in energies this week. The export 
wire saw 257,000 metric tons (mt) of corn sold to unknown. 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 May chart, support 
is the 20-day moving average at $4.39, with resistance the Upper Bollinger Band 
at $4.45, which we are testing at midday.

SOYBEANS:

   Soybean futures are flat to 2 cents lower as we ease back from overnight 
strength with light profit-taking and overbought conditions limiting buying 
into the end of the month. Meal was 1.70 lower and oil is 5 points lower. South 
America looks to continue harvest progress close to average pace with little 
change to end the growing season in Argentina. Basis will likely remain flat as 
shipping slowed a bit. The daily wire was quiet to close the week. On the May 
contract chart, support is $11.35, where we find the 20-day moving average with 
the fresh high at $11.72 3/4 as resistance.

WHEAT:

   Wheat futures are 10 to 14 cents higher at midday with Chicago action 
continuing to lead as we pop back to the upper end of the range again, with 
July remaining just short of $6.00 on both winter wheats. 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 solidly higher. On the KC May chart, support is the 20-day moving 
average at $5.58, which we bounced from, with resistance the fresh high at 
$5.90 3/4.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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