DTN Midday Grain Comments 03/14 10:56

DTN Midday Grain Comments 03/14 10:56 Corn, Wheat Trade Lower, Beans Mixed at Midday Corn trade is 6-7 cents lower. Beans are narrowly mixed and wheat trade is 10-15 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday with the S&P 17 points lower. The dollar index is 60 points higher. The interest rate products are weaker. Energies have crude $1.40 higher and natural gas up $.02. Livestock trade is weaker. Precious metals are weaker with gold off $17.20. CORN: Corn trade is 6-7 cents lower at midday Thursday with trade fading back to support levels as early commodity strength turns back towards risk-off action with outside market pressure. Ethanol margins should stabilize a bit with unleaded moving back to the top of the range and corn action easing. The daily wire saw 100,000 metric tons (mt) sold to Mexico, but weekly sales were strong again at 1.28 million metric tons (mmt). Basis has remained pretty flat with fieldwork taking priority and more delay and free storage programs being offered short term. Early second-crop corn should continue to progress in Brazil with planting pace still solidly ahead of average with some dryness concern in the extended forecast. On the May chart, the 20-day at $4.30 is nearby support with the upper Bollinger Band at $4.45 the next round-up, which we faded from midweek. SOYBEANS: Soybean trade is narrowly mixed at midday with early gains of 18 cents turning to selling as broad product strength loses momentum and sellers piled in at the upper end of the range. Meal is $.50 to $1.50 lower and oil is flat to 10 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's conditions expected short term. The daily wire was quiet again today with weekly sales remaining soft seasonally at 376,000 mt old crop, 94,300 of new with meal at 209,500 old, and 96,300 of new along with 11,200 of old crop oil, and 6,900 of new. Basis should remain flat short term domestically. The May soybeans have support at the 20-day moving average at $11.64. The $12.06 upper Bollinger band is the next level of resistance above the fresh high at $12.17 1/2 scored this morning just above that. WHEAT: Wheat trade is 10-15 cents lower at midday with KC action fading back to nearby support levels after we failed to extend early week gains and see pressure from the dollar rally picking up steam. No cancellations were announced again today with the China cargo washouts expected to be wrapped up with weekly export sales staying above zero at 83,800 mt of old, and 81,300 of new crop. The Plains will see warm temps short term before a cooler stretch later in the month with some rains working across parts of the Plains yesterday and into today. The dollar is back in the middle of the range while MATIF wheat continues to hold above the recent lows even with overnight weakness. On the KC May chart, support is at the 20-day moving average of $5.77, which is testing at midday. Resistance is the upper Bollinger Band at $6.01 the next round-up, which we tested Tuesday. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.