DTN Midday Grain Comments 03/19 10:48

DTN Midday Grain Comments 03/19 10:48 Corn, Wheat Higher; Beans Mixed at Midday Tuesday Corn trade is 3-4 cents higher. Beans are narrowly mixed and wheat trade is 6- 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 3 points higher. The dollar index is 30 points higher. The interest rate products are firmer. Energies have crude .70 higher and natural gas up .05. Livestock trade is weaker. Precious metals are weaker with gold off $10.50. CORN: Corn trade is 3-4 cents higher with range-bound action continuing with firmer action developing towards midday. Ethanol margins are expected to see little change with unleaded action boosting blender margins a bit. The daily wire was quiet today. Basis looks to remain flat short term with colder weather slowing field work into the end of the month to allow for greater movement. Early second-crop corn should continue to progress in Brazil with the planting pace still solidly ahead of average with the extended forecast looking to add some moisture towards the end of the month. On the May chart, the 20-day at $4.31 is nearby support with the upper Bollinger Band at $4.46 the next round-up, which we faded from midweek. SOYBEANS: Soybean trade is narrowly mixed with trade firming a little bit towards the middle of the session as product action tries to turn positive. Meal is flat to $$1 higher and oil is narrowly mixed. South American weather should allow for Brazil's harvest to head towards the homestretch with rain delays likely waiting until next week and Argentina conditions remaining in good shape. The daily wire was quiet again today. Basis should remain flat short term domestically. May soybeans have support at the 20-day moving average at $11.66. The $12.09 upper Bollinger band is the next level of resistance above the fresh high at $12.17 1/2 scored last week above that. WHEAT: Wheat trade is 6-8 cents higher at midday with light follow-through buying so far as KC trade pushes back to nearby resistance with solid spread action with early session weakness being erased again today. The Plains will see cooler temps short term with moisture not expected until next week. The dollar is back in the middle of the range while MATIF wheat is solidly higher again today as it pushes through resistance as well. On the KC May chart, resistance is at the 20-day moving average at $5.77, which we are just above at midday. Support is the lower Bollinger Band at $5.55. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.