DTN Midday Grain Comments 03/04 10:50

DTN Midday Grain Comments 03/04 10:50 Corn, Soybean, Wheat Futures Higher at Midday Monday Corn futures are 4 to 5 cents higher at midday Monday; soybean futures are 3 to 5 cents higher; wheat futures are 7 to 13 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Monday; soybean futures are 3 to 5 cents higher; wheat futures are 7 to 13 cents higher. The U.S. stock market is weaker at midday with the S&P 5 points lower. The U.S. Dollar Index is 10 points lower. The interest rate products are weaker. Energies have crude .60 lower and natural gas .15 higher. Livestock trade is mostly lower. Precious metals are firmer with gold up $25.00. CORN: Corn futures are 4 to 5 cents higher at midday with trade rebounding back to the upper end of the recent range with firmer spread action and trade just below the highs at midday. 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 with better demand needed to sustain recent production levels. The daily export wire saw 110,000 metric tons (mt) sold to Taiwan with weekly export inspections remaining solid at 1.084 million metric tons (mmt). Basis should turn more sideways in the short term. Early second-crop corn should continue to progress in Brazil with planting pace ahead of average and eyes turning toward longer-term weather into the higher water demand season in April. On the May chart the 20-day moving average at $4.33 is nearby resistance, which we tested earlier in the session, with the Lower Bollinger Band at $4.11 just above the $4.06 3/4 fresh low as support. SOYBEANS: Soybean futures are 3 to 5 cents higher at midday Monday with early product strength easing again but holding positive. Meal is .50 to 1.50 higher and oil is 10 to 20 points higher. South American weather should allow for Brazil harvest to keep moving along as it heads toward the backstretch with Argentina seeing pattern little changed in the short term. The daily export wire saw 126,000 mt of meal sold to unknown with weekly export inspections holding up better at 1.021 mmt. Basis should remain flat in the short term, domestically, as March goes into delivery. The May soybeans have resistance at the 20-day moving average at $11.72. The $11.30 1/4 fresh low scored Thursday is nearby support with the lower Bollinger Band just below that at $11.25. WHEAT: Wheat futures are 7 to 13 cents higher at midday with firmer spread action as trade works to bounce back from the washout on Friday with action squarely in the middle of the range. The Plains will see warmer than normal temps persist into mid-month with better moisture possibilities next week. The dollar is flat to start the week, with Matif wheat firming back from the lows. Weekly export inspections were rangebound at 353,137 mt. On the KC May chart, resistance is at the 20-day moving average at $5.85. 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.