Agriculture

Higher futures on corn, soybeans; Mixed wheat – AgFax

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On Wednesday at noon, futures on corn rose 7-8 cents; soybean futures up 30-32 cents; wheat futures are 2 cents lower to 3 cents higher.

corn:

At noon, futures for corn rose 7-8 cents. Trade continues to rebound after a rollback on Tuesday backed by soybeans as action generally remains limited. The profitability of ethanol in the short term will remain low until stimulus demand improves, with the weekly report showing that production increased by 15,000 barrels per day (barrels per day) and stocks increased by 684,000 barrels.

The trade will continue to seek further confirmation of sales on the daily broadcast, and so far none of the major sales are rumored to have been confirmed. The base should remain limited in the short term, and a storm in the middle of the week could slow traffic. Trade will continue to monitor the weather in South America as we head towards planting and developing a second culture with a good start.

The strength of the new soybean crop may change in the late US. Under the March contract, we have support at the 20-day moving average at $ 6.31 and then at a fresh high of $ 6.62 3/4 as resistance.

soybeans:

At noon, soybean futures rose 30-32 cents. Trade is trying to move away from Tuesday’s erosion with tougher proliferation and continuing worries about production in South America as private valuations fall. Meal costs 11.50-12.50 dollars, and oil – 75-85 points. The base is expected to remain flat to weaker in the short term.

In recent days, the profitability of volumes is losing ground in relation to food, as margins on smallness in China are becoming more negative, and there is some chatter about declining demand; but oil bounced back to highs. On Tuesday, NOPA destruction figures were disappointing at 182.4 million bushels (MB), well above the recent record rate.

Last week, the daily network was very active for the new crop, and trade saw growth: 132,000 metric tons

On the March soybean chart, we have resistance at a fresh high of $ 16.33, and trading is well above the 20-day moving average supported by $ 15.12.

WHEAT:

Wheat futures fell 2 cents lower to 3 cents above noon, and trading rolled back from nighttime lows after a slump amid easing tensions on Tuesday. The trade is looking for further confirmation of moisture in the second week and further easing of tensions. The dollar continues to fall slightly from highs.

In the short term, drier weather should persist, and in the second week the moisture on the plains will be above normal, while the weather in the other northern hemisphere changes little.

Spring wheat is softer than Chicago, moving the premium to $ 1.68 in March, and KC with a premium of 27 cents on an equal footing. Support for the March KC chart is a 20-day mark of $ 8.01, further resistance – the upper band of Bollinger at $ 8.36.

SUMMARY OF THE MARKET:

The US stock market is weaker, the Dow index fell 215 points. The US dollar index is lower by 15 points. Interest products are firmer. Energy is sharply higher with crude to 2.80. Stronger livestock trade. Precious metals are harder with gold up to 8.40.

https://agfax.com/2022/02/16/dtn-grain-midday-corn-soybean-futures-higher-wheat-mixed-4/ Higher futures on corn, soybeans; Mixed wheat – AgFax

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