DTN Midday Grain Comments 03/10 10:54

DTN Midday Grain Comments 03/10 10:54 Corn Futures are Higher at Midday; Soybeans Lower; Wheat Flat to Higher Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 7 to 8 cents lower; wheat futures are flat to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 7 to 8 cents lower; wheat futures are flat to 8 cents higher. The U.S. stock market is firmer with the S&P 15 higher. The U.S. Dollar Index is 100 points lower. Interest rate products are firmer. Energies are mixed with crude up .75 and natural gas off .05. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $25.50. CORN: Corn futures are 1 to 2 cents at midday with firmer spread action as trade works to bounce from the fresh lows scored this morning as the early risk-off trade faded from the jobs numbers. Ethanol margins remain rangebound to firmer with spring demand phasing in and natural gas staying cheaper along with the corn pullback. Crop development will continue to be watched in Brazil with little change to the pattern in recent days as double-crop corn planting winds down amid still wet conditions and delays while Argentina continues to struggle with potential rains next week unlikely to make a material difference. Basis has shown pockets of strength. On the May chart, support is the lower Bollinger Band back below the market at $6.03, and the 20-day moving average well above the market at $6.51. SOYBEANS: Soybean futures are 7 to 8 cents lower at midday with trade fading back to the $15.00 level nearby with flat spread action as trade works more sideways with little fresh news to push soybeans. Meal is $3.50 to $4.50 lower and oil is 35 to 45 points lower. Trade will be looking for the Brazil export pace to extend the strong recent movement with harvest pace catching up amid still challenging showers, with Argentina drier and warmer short term for the most part with the recent pattern continuing as the crop hits the home stretch. New crop is consolidating recent gains versus corn, but not enough to change acres with sliding input costs. Basis remains mostly sideways to soft near term. May chart resistance is at the $15.18 20-day moving average, which we tested and faded from again Thursday with the upper Bollinger Band at $15.48 as further resistance, with the Lower Bollinger Band at $14.89, which below that as support. WHEAT: Wheat futures are flat to 8 cents higher with firming during the day session as we ease oversold conditions with firmer spread action with winter wheat leading. The KC wheat areas look to remain on the shorter end of moisture over the next couple of weeks with SRW seeing plenty of moisture and the Northern Plains mixed to drier heading toward planting. World wheat weather remains mixed into spring as well with recent dryness in China. Matif wheat values are soft, helping to keep pressure in place with expectations of no changes to the grain corridor as the renewal comes due next week. The dollar slide post jobs report will help add support if sustained. On the chart, KC May has the lower Bollinger band at $7.56 and a fresh low scored at $7.73 3/4 as support while the 20-day moving average remains well above the market at $8.42. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.