DTN Midday Grain Comments 03/24 11:05

DTN Midday Grain Comments 03/24 11:05 Beans, Wheat Lower at Midday Corn is 1 to 3 cents higher, soybeans are 1 to 4 cents lower, and wheat is 2 to 6 cents lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer with the Dow up 1400 points on stimulus hopes. The dollar index is 130 points lower. Interest rate products are firmer. Energies are mostly higher with crude flat. Livestock trade is mostly limit higher. Precious metals are firmer with gold up $75.00. CORN Corn trade is flat to 3 cents higher at midday with trade seeing light selling as wheat and soybeans retreated overnight before some light short covering starting during the day session. Ethanol margins remain very poor, with unleaded futures bouncing from record lows, and along with ethanol futures trying to stabilize, amid more plants slowing or being idled. Corn basis will likely continue to see pressure. Rains have worked across much of the belt short term to slow early field work with the extended forecast looking drier. On the May contract support is the lower Bollinger Band at $3.36, and resistance the 20-day at $3.67. SOYBEANS Soybean trade are 1 to 4 cents lower with better action during the day session after overnight profit taking eased. Meal is 1.50 to 2.50 lower and oil is 25 to 35 points higher. South America is continuing to harvest with port disruptions this biggest concern at the moment. New crop soybeans will need to gain vs. corn to provide an acreage incentive with the price ratio now at 2.4 or so. The May soybean chart support is the 20-day at 8.68 which we moved Monday, with the remaining gap at $8.95 the next round up. WHEAT Wheat trade is 3 to 6 cents lower with profit taking on the recent rally at midday as we get through the demand pulling forward phase, and early condition reports generally remain OK. Weather threats for the plains remain limited with cooler and wetter for the eastern Plains, while the west looks a bit drier but nothing too stressful short term. Kansas City is at a 70-cent discount to Chicago on the May with choppy trade continuing, while Minneapolis is minus 22 with wider action continuing. World export business has shifted towards Asia short term. The May Kansas City chart support is the 20-day at $4.52, with resistance the upper Bollinger band at $4.74 which we cleared yesterday with the recent high at $4.93 beyond that. 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.