DTN Midday Grain Comments 03/06 10:59

DTN Midday Grain Comments 03/06 10:59 Corn Higher and Beans, Wheat Lower at Midday Wednesday Corn trade is flat to a penny higher. Beans are 5-6 cents lower and wheat trade is 8-17 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 40 points higher. The dollar index is 45 points lower. The interest rate products are firmer. Energies are crude 2.45 higher and natural gas flat. Livestock trade is weaker. Precious metals are firmer with gold up $12. CORN: Corn trade is flat to a penny higher at midday with trade continuing to bob around the $4.25 area on May with flat spread action as we consolidate the recent range. The weekly ethanol report showed production of 21,000 barrels per day with stocks up by 29,000 barrels with gasoline demand picking up. 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 $4.31 is nearby resistance which we tested Monday with the lower Bollinger Band at $4.12 just above the $4.06 3/4 fresh low as support. SOYBEANS: Soybean trade is 5-6 cents lower at midday with light two-sided action turning weaker during the day session with Brazil harvest and weak meal action continuing to limit upside from the lower end of the range. Meal is $2.50 to $3.50 lower and oil is 40-50 points higher. South American weather should allow Brazil's harvest to keep moving along as it heads towards the backstretch with Argentina continuing to progress in the growing season. The daily wire was quiet today. Basis should remain flat short term domestically as March goes into delivery. The May soybeans have resistance at the 20-day moving average at $11.65. The $11.30 1/4 fresh low scored last week is nearby support with the lower Bollinger Band just below that at 11.24. WHEAT: Wheat trade is 8-17 cents lower with trade back to the lower end of the range. Overnight pressure picked up again with soft world values remaining an anchor on trade with the spreads softening. The Plains will see warmer-than-normal temps persist into midmonth with better moisture possibilities next week and early growth ahead of normal overall. The dollar is trying to extend the recent weakness which could be supportive if sustained with MATIF wheat falling back the lows. On the KC May chart, resistance is at the 20-day moving average at $5.81. Support is the recent low at $5.54 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.