DTN Midday Grain Comments 03/13 10:54

DTN Midday Grain Comments 03/13 10:54 Wheat Futures Higher at Midday; Soybeans Lower; Corn Mixed Corn futures are narrowly mixed at midday Monday; soybean futures are 3 to 4 cents lower; wheat futures are 10 to 15 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Monday; soybean futures are 3 to 4 cents lower; wheat futures are 10 to 15 cents higher. The U.S. stock market is firmer with the S&P 35 higher. The U.S. Dollar Index is 95 points lower. Interest rate products are firmer. Energies are mixed with crude off .45 and natural gas up .20. Livestock trade is weaker. Precious metals are firmer with gold up $48.50. CORN: Corn futures are narrowly mixed at midday with two-sided trade as we look to see how outside markets settle down from the bank issues, with little other fresh, grain-specific news. Ethanol margins will continue to work sideways with support from corn values short term. Crop development will continue to be watched in Brazil with little change to the pattern in recent days as double-crop corn planting is winding down amid still wet conditions and delays while Argentina heads to the homestretch with heat still in place. Weekly export inspections improved at 999,388 metric tons (mt). Basis has shown pockets of strength. On the May chart, support is the lower Bollinger Band back below the market at $6.00, and the 20-day moving average well above the market at $6.51. SOYBEANS: Soybean futures are 3 to 4 cents lower at midday with trade continuing to hang around $15.00 up front with firmer spread action as trade works to sort outside influences along with crush margins narrowing. Meal is $3.00 to $4.00 lower and oil is 10 to 20 points lower. Weekly export inspections continue to ease at 618,083 mt. 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 continues to need more strength to swing acres with little change so far Monday. Basis remains mostly sideways to softer near term. May chart resistance is at the $15.17 20-day moving average, which we tested and faded from again overnight with the upper Bollinger Band at $15.47 as further resistance, with the Lower Bollinger Band at $14.88, which below that as support. WHEAT: Wheat futures are 10 to 15 cents higher at midday with trade building on Friday's gains as we ease oversold conditions after early weakness on outside market concerns. The KC wheat areas look to remain on the shorter end of moisture over the next couple of weeks with SRW seeing moisture, with 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 have firmed from oversold conditions with expectations of no changes to the grain corridor as the renewal comes due at the end of the week. The dollar slide will add support if sustained. On the chart, KC May has the lower Bollinger band at $7.59 and a fresh low scored at $7.73 3/4 as support, while the 20-day moving average remains well above the market at $8.39. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.