DTN Midday Grain Comments     03/20 10:47

   Corn Futures Higher at Midday; Soybeans Mixed; Wheat Lower

   Corn futures are 4 to 5 cents higher at midday Thursday; soybean futures are 
narrowly mixed; wheat futures are 3 to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Thursday; soybean futures are 
narrowly mixed; wheat futures are 3 to 7 cents lower. The U.S. stock market is 
firmer with the S&P 18 points higher. The U.S. Dollar Index is 50 points 
higher. The interest rate products are firmer. Energy trade is mixed with crude 
1.20 higher with natural gas .18 lower. Livestock trade is mixed. Precious 
metals are mixed with gold up 7.00.

CORN:

   Corn futures are 4 to 5 cents higher at midday with trade pressing back 
toward the upper end of the recent range with firmer spread action so far. 
Ethanol margins should stay rangebound in the short term with corn and unleaded 
also rangebound. Weekly export sales were strong at 1.497 million metric tons 
(mmt) of old crop and 61,400 metric tons (mt) of new. Basis is expected to firm 
a bit more into early April. Double-crop planting in Brazil is heading toward 
the homestretch. On the May chart, the 20-day moving average at $4.70 is 
resistance with the recent low at $4.42 1/4 as support.

SOYBEANS:

   Soybean futures are narrowly mixed at midday with trade drifting along with 
little change to the product complex and little other fresh news to drive 
action. Meal is flat to 1.00 lower and oil was flat to 10 points lower. South 
America has little change expected in the near-term weather patterns as harvest 
progresses in line with the recent average. Weekly export sales were soft at 
352,600 mt of old-crop beans, 182,200 mt of meal, and 34,200 of oil. Basis is 
expected to remain flat into the end of the month. On the May chart, trade has 
resistance at the 20-day moving average at $10.21 with the recent low at $9.91 
as support.

WHEAT:

   Wheat futures were 3 to 7 cents lower at midday with trade fading back to 
support levels with the stronger dollar limiting upside with further fresh news 
needed to drive action. Normal to slightly above temps with better moisture 
potential for the second week are forecast for the Plains into April. MATIF 
wheat is a bit lower to start after strong gains Wednesday. Weekly export sales 
showed -248,800 mt of old crop and 491,900 mt of new. On the KC May chart, 
support is the 20-day moving average at $5.82, which we have tested Thursday 
morning, with the next level of resistance the Upper Bollinger Band at $6.23.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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