DTN Midday Grain Comments 03/17 11:07

DTN Midday Grain Comments 03/17 11:07 Corn, Soybean Futures Lower at Midday; Wheat Higher Corn futures are flat to 1 cent lower at midday Friday; soybean futures are 18 to 20 cents lower; wheat futures are 4 to 12 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent lower at midday Friday; soybean futures are 18 to 20 cents lower; wheat futures are 4 to 12 cents higher. The U.S. stock market is weaker with the S&P 45 lower. The U.S. Dollar Index is 30 points lower. Interest rate products are firmer. Energies are weaker with crude off 2.50 and natural gas off .15. Livestock trade is weaker. Precious metals are firmer with gold up 41.00. CORN: Corn futures are flat to 1 cent lower at midday with trade giving back early gains with flat to firm spread action as we work just below the recent highs. 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, crimping some of the anticipated spring blender gains for now. Crop development in Brazil will be watched closer as double-crop planting winds up with the forecast drying a little to help wrap things up while Argentina limps toward the finish line. The daily export wire showed more life with 191,000 metric tons (mt) of corn sold to China for the fourth day of sales in a row. Basis remains flat to firmer. On the May chart, support is the lower Bollinger Band back below the market at $5.87, and the 20-day moving average just above the market at $6.38. SOYBEANS: Soybean futures are 18 to 20 cents lower with trade pressing into support levels as meal breaks lower, dragging crush margins lower as oil fails to hold its midweek rebound and we trend toward oversold conditions. Meal is $9.00 to $10.00 lower and oil is 30 to 40 points lower. Trade will be looking for the Brazil export pace to extend the strong recent movement with harvest moving along, with Argentina to catch some short-term moisture potentially 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 $15.10 20-day moving average, which we are solidly below, with the upper Bollinger Band at $15.44 as further resistance, and the Lower Bollinger Band at $14.76, which we are just below. WHEAT: Wheat futures are 4 to 12 cents higher with KC wheat leading as trade tries to confirm the first weekly gain in a month with spread action remaining stout and outside market weakness being shrugged off for now. The KC wheat areas look to remain on the shorter end of moisture over the next couple of weeks with short-term cold weather this weekend 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 weaker again. Russia wants the grain corridor to extend only 60 days instead of 120. Negotiations continue. On the chart, KC May has the lower Bollinger band at $7.60 and a fresh low scored at $7.73 3/4 as support and the 20-day moving average at $8.25, which we are just above at midday. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.