DTN Midday Grain Comments 03/05 10:53

DTN Midday Grain Comments 03/05 10:53 Corn, Soybean, Wheat Lower at Midday Tuesday Corn trade is 3-4 cents lower. Beans are 2-3 cents lower and wheat trade is 8-13 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday with the S&P 40 points lower. The dollar index is 10 points lower. The interest rate products are firmer. Energies have crude and natural gas narrowly mixed. Livestock trade is mixed. Precious metals are mixed with gold up $8. CORN: Corn trade is 3-4 cents lower at midday with trade continuing to bob around the upper end of the recent range with negative spillover from wheat and outside markets this morning. Ethanol margins are seeing a little pressure from the corn rebound with spring demand needed to allow the blenders to maximize margins. The daily wire was quiet today. Basis should remain sideways short term with early fieldwork limiting movement a little. Early second-crop corn should continue to progress in Brazil with planting pace ahead of average with eyes turning towards longer-term weather into the heart of the growing season. On the May chart, the 20-day at $4.32 is nearby resistance which we tested yesterday with the lower Bollinger Band at $4.12 just above the $4.06 3/4 fresh low as support. SOYBEANS: Soybean trade is 2-3 cents lower at midday with trade staying rangebound with products struggling this morning and harvest pressure from Brazil continuing. Meal is $.50 to $1.50 lower and oil is narrowly mixed. South American weather should allow Brazil harvest to keep moving along as it heads towards 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 $11.68. The $11.30 1/4 fresh low scored Thursday is nearby support with the lower Bollinger Band just below 11.24. WHEAT: Wheat trade is 8-13 cents lower at midday with a broader selling returning after the Monday rebound with Euro values making fresh lows again, but spread action continues to be strong which should hold action within the range. The Plains will see warmer than normal temps persist into midmonth with better moisture possibilities next week. The dollar continues to hold the upper end of the range. On the KC May Chart, resistance is at the 20-day moving average at $5.84. 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.