DTN Midday Grain Comments 03/01 10:54

DTN Midday Grain Comments 03/01 10:54 Soybeans Up Double Digits Midday Wednesday Corn trade is 2 to 3 cents lower, beans are 13 to 14 cents higher and wheat trade is flat to 5 cents lower. The U.S. stock market is weaker with the S&P off 20. The U.S. Dollar Index is 0.40 lower. Interest rate products are weaker. Energies are mixed with crude off $0.30 and natural gas off $0.04. Livestock trade is weaker. Precious metals are firmer with gold up $7.30. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 2 to 3 cents lower, beans are 13 to 14 cents higher and wheat trade is flat to 5 cents lower. The U.S. stock market is weaker with the S&P off 20. The U.S. Dollar Index is 0.40 lower. Interest rate products are weaker. Energies are mixed with crude off $0.30 and natural gas off $0.04. Livestock trade is weaker. Precious metals are firmer with gold up $7.30. CORN: Corn trade is 2 to 3 cents lower at midday Wednesday as we try to find footing amid oversold conditions with the washout over the past week with flat spread action and little other fresh news. Ethanol margins should see support from the corn pullback and looming spring demand short term, with the weekly report showing production off by 26,000 barrels per day and stocks down by 813,000 barrels. Crop development will continue to be watched in Brazil with some areas catching up on second crop corn planting with better short term rain potential again, and Argentina continues to struggle but with little material change in recent days. The daily export wire will need to show life again with nothing again Wednesday. Basis continues to stay flat. On the May chart, support is the fresh low at $6.22 1/4 with the lower Bollinger Band above the market at $6.35 3/4. SOYBEANS: Soybeans trade is 13 to 14 cents higher at midday with a bit of rebound after the broad selling Tuesday as product action shows a little better strength as oil leads Meal is $0.50 to $1.50 higher and oil is 0.40 cent to 0.50 cent higher. The daily export wire has been quiet as well in recent days. Trade will be looking for the Brazil export pace to extend the strong recent movement with harvest pace catching up even with wetter than desired short-term forecasts, with Argentina drier and warmer short term for the most part, with the recent pattern continuing. New crop continues to struggle to move closer to swinging acres from corn short term with action gaining a bit of ground today. Basis remains mostly sideways near term. May chart resistance is at the $15.19 20-day, with the lower Bollinger Band at $14.89, which we are just above at midday. WHEAT: Wheat trade is flat to 5 cents lower with light two-sided action so far as we work to ease oversold conditions with spread action firming a bit so far Wednesday. The KC wheat areas are back to warmer and drier in the immediate term after the weekend activity with some more chances in the extended forecast and a cold snap next week, with Chicago areas to see broader moisture overall. Matif wheat values have worked back lower. The strong dollar will likely limit upside if sustained as we hold at the upper end of the recent range with another down day needed to shift the trend with flat action with broader weakness Wednesday morning. On the chart, KC May has faded back below the lower Bollinger Band at $8.13 with $8.08 below that as the calendar year low. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.