DTN Midday Grain Comments 03/01 10:50

DTN Midday Grain Comments 03/01 10:50 Corn, Wheat Lower, Beans Higher at Midday Friday Corn trade is 4-5 cents lower. Beans are 3-5 cents higher and wheat trade is 13-21 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 17 points higher. The dollar index is 15 points lower. The interest rate products are firmer. Energies have crude 2.30 higher and natural gas .03 lower. Livestock trade is mixed with cattle leading. Precious metals are firmer with gold up $30. CORN: Corn trade is 4-5 cents lower at midday as we work to consolidate a weekly gain with mostly steady spread action so far and a bit more day session pressure with spillover from wheat. Ethanol margins are seeing a little pressure from the corn rebound while blenders will benefit as spring blends become more widespread into the next few weeks. The daily wire was quiet again today. Basis should turn more sideways short term after the end-of-the-month cash movement works through. Early second-crop corn should continue to progress in Brazil with planting pace ahead of average with eyes turning towards longer-term weather in the higher water demand season into April. On the May chart, the 20-day at $4.35 is nearby resistance with the lower Bollinger Band at $4.11 just above the $4.06 3/4 fresh low as support. SOYBEANS: Soybean trade is 3-5 cents higher at midday with two-sided action as meal attempts to lead the product complex and harvest pressure from Brazil lingers. Meal is $2.50 to $3.50 higher and oil is 25 to 35 points lower. South American weather should allow for Brazil's harvest to keep moving along as it heads to the backstretch with Argentina seeing little pattern change short term. The daily wire was quiet today. Basis should remain flat short term domestically as March goes into delivery. May soybeans have resistance at the 20-day moving average at $11.73. The $11.30 1/4 fresh low scored yesterday is nearby support with the lower Bollinger Band just below that at 11.26. WHEAT: Wheat trade is 13-21 cents lower with sales picking up during the day session and spreads mixed as we follow MATIF values back to the lower end of the range. The Plains will see warmer-than-normal temps persist into March with the midweek cold past us and better moisture possibilities into midmonth. The dollar is a touch lower at midday, with Matif wheat washing back to fresh lows. On the KC May chart, resistance is at the 20-day moving average at $5.89. Support is the fresh low at $5.56 3/4 with the lower Bollinger Band just below that at $5.53. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.