DTN Midday Grain Comments 03/12 10:49

DTN Midday Grain Comments 03/12 10:49 Corn, Soybean Higher, Wheat Mixed at Midday Monday Corn trade is 1-2 cents higher. Beans are 13-14 cents higher and wheat trade is narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 50 points higher. The dollar index is 20 points higher. Interest rate products are mostly lower. Energies have crude .70 higher and natural gas off .03. Livestock trade is mostly higher. Precious metals are weaker with gold off $24.80. CORN: Corn trade is 1-2 cents higher at midday with trade touching nearby resistance in early strength before fading slightly. Ethanol margins continue to be pressed by the gains in corn with better driving demand needed to sustain improvement with unleaded demand still a bit soft seasonally. The daily wire remained quiet. Basis has remained pretty flat with fieldwork taking priority. Early second-crop corn should continue to progress in Brazil with planting pace still solidly ahead of average but CONAB reduced estimates for this year's corn crop in Brazil slightly. On the May chart, the 20-day at $4.29 is nearby support with the upper Bollinger Band at $4.46 the next round-up which we tested this morning. BEANS: Soybean trade is 13-14 cents higher with trade pushing to fresh highs for the move before fading slightly with oil leading the product complex. Meal is $1 to $2 higher and oil is 70 to 80 points higher. South American weather should allow for Brazil's harvest to continue to progress well past the halfway point with little change to Argentina conditions for no with the CONAB estimates for Brazil soy production edging lower as well. The daily wire was quiet again today. Basis should remain flat short term domestically. The May soybeans have support at the 20-day moving average at $11.62 after moving through it at the end of the week. The $11.97 upper Bollinger band is the next level of resistance above the fresh high at $11.96 1/2 scored today. WHEAT: Wheat trade is narrowly mixed with trade working to consolidate through nearby resistance on the KC contract after the last two strong sessions with trade still working to push past $6 nearby. No cancellations were announced today, concluding our run there. The Plains will see warm temps short term before a cooler stretch expected later in the month with short-term moisture potential. The dollar remains at the lower end of the range while MATIF wheat continues to hold above the recent lows after the strong start of the week. On the KC May chart, support is at the 20-day moving average at $5.77, which we are pushed past Monday. Resistance is the upper Bollinger Band at $6.01 for the next round-up, which we are testing this morning. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.