DTN Midday Grain Comments 03/13 11:05

DTN Midday Grain Comments 03/13 11:05 Grains Mixed at Midday Corn is 1 to 2 cent higher, soybeans are 6 to 8 cents lower, and wheat is flat to 3 cents higher. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is higher with the Dow up 250 points, fading from early strength. The dollar index is 40 higher. Interest rate products are firmer. Energies are mixed with crude $20 higher. Livestock trade is limit lower for the most part. Precious metals are mixed with gold down $28.00. CORN Corn trade is flat to 5 cents higher with early gains fading at midday as early buying dries up in the absence of fresh news. Ethanol margins remain poor, with ethanol holding a stout premium to unleaded with driving demand expected to remain soft in the short term. The USDA announced 136,000 metric tons of corn sold to South Korea. Corn basis has remained steady. Rains have worked across much of the belt short term to slow early field work. On the May contract support is the lower Bollinger Band at $3.65, with resistance the 20-day at $3.77. SOYBEANS Soybean trade is 6 to 8 cents lower at midday with trade turning lower again during the day session. Meal is $1.00 to $2.00 lower and oil is 20 to 30 points higher. South America has seen little change this week with harvest mostly moving along, and more rains expected the next two weeks with Brazilian farmers potential looking towards slowing sales as an inflation hedge with the ral remaining very weak, but firmer this a.m. New-crop soybeans will need to gain vs. corn to provide an acreage incentive ahead of planting but everything remains in favor of bigger corn acres. The May soybean chart support is the fresh low at $8.45 below that, with resistance the 20-day at $8.93. WHEAT Wheat trade is 1 to 3 cents higher at midday with trade showing some short-term better action but unable to sustain bigger gains like everything else. Weather threats for the Plains remain limited with cooler and wetter short-term weather after the warm weekend likely drew more out of dormancy. Kansas City is at a 71-cent discount to Chicago on the May with choppy trade continuing, while Minneapolis is +3 to the Chicago. World export business has been quieter in recent days but new tenders are being issued again this week. The May Kansas City chart support is the lower Bollinger Band at $4.25, with resistance the recent highs around $4.53. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (AG) Copyright 2020 DTN/The Progressive Farmer. All rights reserved.