DTN Midday Grain Comments 03/03 10:55

DTN Midday Grain Comments 03/03 10:55 Corn, Soybean Futures Higher at Midday; Wheat Lower Corn futures are 4 to 5 cents higher at midday Friday; soybean futures are 13 to 15 cents higher; wheat futures are 3 to 6 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Friday; soybean futures are 13 to 15 cents higher; wheat futures are 3 to 6 cents lower. The U.S. stock market is firmer with the S&P up 35. The U.S. Dollar Index is 10 points lower. Interest rate products are firmer. Energies are firmer with crude up .70 and natural gas up .07. Livestock trade is firmer. Precious metals are firmer with gold up $10.00. CORN: Corn futures are 4 to 5 cents higher at midday with trade trying to sustain strength into the weekend as we work to ease oversold conditions with spread action remaining firm. 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 with a little drier forecast in Southern Brazil while Argentina continues to struggle. There have been no daily export sales reported for two weeks. The daily export wire has not reported any sales for two weeks. Basis has shown pockets of strength. On the May chart, support is the fresh low at $6.22 1/4 with the lower Bollinger Band back below the market at $6.28 1/4, and the 20-day moving average well above the market at $6.64. SOYBEANS: Soybean futures are 13 to 15 cents higher with trade working to consolidate back above $15.00 as it presses toward nearby resistance levels on follow-through buying to close the week. Meal is $8.50 to $9.50 higher and oil is 25 to 35 points lower. We are hitting the second week of no daily export sales reported. Trade will be looking for the Brazil export pace to extend the strong recent movement with harvest pace catching up even with some drier weather to help in Southern Brazil, 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 Friday morning again. Basis remains mostly sideways to soft near term. May chart resistance is at the $15.18 20-day moving average, which are just above, with the Lower Bollinger Band at $14.88, which is below that as support. WHEAT: Wheat futures are 3 to 6 cents lower with light, two-sided action at midday with trade working to extend the reversal into the weekend with mixed spread action and little fresh news. 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 toward the eastern Plains. Matif wheat values have faded early strength as well. The strong dollar will continue to limit upside with a bigger break needed to be friendly. On the chart, KC May is back solidly above the lower Bollinger Band at $8.05 with $8.08 just above that as the calendar-year low, while the 20-day moving average remains well above action at $8.64. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.