DTN Midday Grain Comments 03/15 10:57

DTN Midday Grain Comments 03/15 10:57 Corn Futures Higher at Midday; Soybeans Lower; Wheat Flat-Higher Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures are 9 to 10 cents lower; wheat futures are flat to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures are 9 to 10 cents lower; wheat futures are flat to 3 cents higher. The U.S. Dollar Index is 150 points higher. Interest rate products are firmer. Energies are weaker with crude off 3.50 and natural gas off .15. Livestock trade is weaker. Precious metals are mixed with gold up 18.00. CORN: Corn futures are 3 to 4 cents higher at midday with stronger spread action as we see further export sales announcements but outside markets are limiting action. 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 with the weekly report showing production 4,000 barrels per day (bpd) higher, while stocks were 1.074 million barrels higher. Crop development in Brazil will be watched closer as doubl-crop planting winds up with the forecast drying a little while Argentina limps towards the finish line. The daily export wire showed more life with 667,000 metric tons (mt) of corn sold to China with back-to-back sales that exceeded prior individual sales over the prior year. Basis has shown pockets of strength. On the May chart, support is the lower Bollinger Band back below the market at $5.87, and the 20-day moving average well above the market at $6.32. SOYBEANS: Soybean futures are 9 to 10 cents lower at midday with trade fading further toward support levels with spread action still solid and oil values limiting crush gains after a small rally Tuesday to keep pressure on the market. Meal is $2.00 to $3.00 lower and oil is 80 to 90 points lower. 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 as the growing season winds down. New crop continues to need more strength to swing acres with losses so far this week. Basis remains mostly sideways to soft near term. May chart resistance is at the $15.13 20-day moving average, which we are solidly below with the upper Bollinger Band at $15.47 as further resistance, and the Lower Bollinger Band at $14.80, which is below that, as support which we are just above. WHEAT: Wheat futures are flat to 3 cents higher with trade holding the recent rebound along with spread action mostly firmer, with the dollar rally limiting upside during the day session. The KC wheat areas look to remain on the shorter end of moisture over the next couple of weeks with short-term cold weather with SRW seeing moisture, with the Northern Plains cold and wet ahead of planting. World wheat weather remains mixed short-term with India harvest starting in some areas. Matif wheat values are flat to weaker 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 $7.59 and a fresh low scored at $7.73 3/4 as support, while the 20-day moving average remains above the market at $8.31. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.