DTN Midday Grain Comments 03/02 11:02

DTN Midday Grain Comments 03/02 11:02 Corn, Soybean, Wheat Futures All Higher at Midday Corn futures are 4 to 5 cents higher at midday Thursday; soybean futures are 16 to 18 cents higher; wheat futures are 4 to 12 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Thursday; soybean futures are 16 to 18 cents higher; wheat futures are 4 to 12 cents higher. The U.S. stock market is mixed with the S&P off 10. The U.S. Dollar Index is 45 points higher. Interest rate products are weaker. Energies are mixed with crude up .50 and natural gas off .05. Livestock trade is mostly lower. Precious metals are weaker with gold up $2.00. CORN: Corn futures are 4 to 5 cents higher at midday with light follow-through buying off the reversal Wednesday and slightly firmer spread action heading toward noon. Ethanol margins should see support from the corn pullback and looming spring demand short term as spring blends boost blender margins. Crop development will continue to be watched in Brazil with little change to the pattern in recent days as double-crop corn planting hits the homestretch while Argentina continues to struggle. Weekly export sales remained soft at 598,100 metric tons (mt). 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 $6.33 3/4, which we have pushed back above overnight and the 20-day moving average is well above the market at $6.66 1/4. SOYBEANS: Soybean futures are 16 to 18 cents higher at midday with May working back above the $15.00 level with good follow-through buying from the Wednesday rebound and better product action. Meal is $4.50 to $5.50 higher and oil is 75 to 85 points higher. Weekly export sales worked lower seasonally at 360,700 mt old; 134,000 new; 172,400 of old meal; 40,500 of new; 1,200 of oil. 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 for soybeans this morning. Basis remains mostly sideways near term. May chart resistance is at the $15.18 20-day moving average, with the Lower Bollinger Band at $14.88, which we are closed back above today. WHEAT: Wheat futures are 4 to 12 cents higher at midday with Minneapolis action leading as trade firms off the test of the low end of the range with solid spread action as oversold conditions ease. 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 moisture still tilted towards the eastern Plains. Matif wheat values have worked back higher this morning. The strong dollar will continue to limit upside, with a decent rebound Thursday. Weekly export sales softened a bit at 284,100 mt of old crop, and 16,800 of new. On the chart, KC May is back solidly above the lower Bollinger Band at $8.07 with $8.08 just above that as the calendar year low, while the 20-day remains well above action at $8.66. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.