DTN Midday Grain Comments 03/14 10:48

DTN Midday Grain Comments 03/14 10:48 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 5 to 6 cents higher at midday Tuesday; soybean futures are 6 to 7 cents lower; wheat futures are 10 to 15 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents higher at midday Tuesday; soybean futures are 6 to 7 cents lower; wheat futures are 10 to 15 cents higher. The U.S. stock market is firmer with the S&P 75 higher. The U.S. Dollar Index is 10 points higher. Interest rate products are weaker. Energies are mixed with crude off .45 and natural gas unchanged. Livestock trade is mostly lower. Precious metals are mixed with gold off $5.00. CORN: Corn futures are 5 to 6 cents higher with firmer spread action at midday with early weakness turning to buying on more supportive outside market action and demand ideas. Ethanol margins will continue to work sideways with support from corn values short term while unleaded has faded back toward the lower end of the range, limiting blender gains. Crop development in Brazil will be watched closer as double-crop planting winds up while Argentina limps towards the finish line. The daily export wire showed life with 612,000 metric tons (mt) of corn sold to China for the biggest purchase by them in 11 months. Basis has shown pockets of strength. On the May chart, support is the lower Bollinger Band back below the market at $5.97, and the 20-day moving average well above the market at $6.45. SOYBEANS: Soybean futures are 6 to 7 cents lower with trade fading further into support levels with oil trying to lead the product complex as it bounces from fresh lows along with spread unwinding pressure. Meal is $2.00 to $3.00 lower and oil is 90 to 100 points higher. Trade will be looking for the Brazil export pace to extend the strong recent movement with harvest moving along, 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 Tuesday. Basis remains mostly sideways to soft 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 $14.83 as support, which we are just above. WHEAT: Wheat futures are 10 to 15 cents higher with the winter wheats leading as trade consolidates the bounce off the fresh lows from last week and pushes closer to nearby resistance with spread action firming. The KC wheat areas look to remain on the shorter end of moisture over the next couple of weeks with SRW seeing moisture and the Northern Plains cold and wet ahead of planting. World wheat weather remains mixed into spring as well with recent dryness in China. Matif wheat values are flat at midday as they remain oversold as well with the grain corridor expected to extend at the end of the week. 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 $8.34. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.