DTN Midday Grain Comments 03/20 10:51

DTN Midday Grain Comments 03/20 10:51 Soybean Futures Higher at Midday; Corn, Wheat Lower Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 6 to 7 cents higher; wheat futures are 8 to 13 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 6 to 7 cents higher; wheat futures are 8 to 13 cents lower. The U.S. stock market is mixed at midday with the S&P 2 points higher. The U.S. Dollar Index is 15 points higher. The interest rate products are firmer. Energies have crude 1.70 lower and natural gas up .04. Livestock trade is mostly higher. Precious metals are mixed with gold unchanged. CORN: Corn futures are 2 to 3 cents lower at midday with trade remaining rangebound. There is little fresh news to drive action out of the $4.35 to $4.40 area up front. The weekly ethanol report showed production rising by 22,000 barrels per day (bpd) with stocks up 227,000 barrels as driving demand is still a bit soft seasonally. Basis looks to remain flat in the short term with colder weather slowing fieldwork into the end of the month to allow for greater movement to town ahead of planting. Early second-crop corn should continue to progress in Brazil with planting pace still solidly ahead of average with the extended forecast looking to add some moisture toward the end of the month. On the May chart the 20-day moving average at $4.31 is nearby support with the Upper Bollinger Band at $4.48 the next round up, which we faded from midweek. SOYBEANS: Soybean futures are 6 to 7 cents higher at midday with trade seeing better spread and product action as we consolidate further just below $12.00 up front. Meal is 2.00 to 3.00 higher and oil is 40 to 50 points higher. South American weather should allow for Brazil harvest to head toward the homestretch with rain delays likely waiting until next week with Argentina conditions remaining in good shape as the crop heads toward the finish line. The daily wire saw 120,000 metric tons of new crop soybeans sold to unknown. Basis should remain flat in the short term domestically. The May soybeans have support at the 20-day moving average at $11.67. The $12.11 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 futures are 8 to 13 cents lower at midday with trade fading back to the middle of the recent range and still unable to consolidate past nearby resistance on the KC contract. The Plains will see cooler temps in the short term with some moisture not expected until next week. The dollar is extending its rally ahead of the Fed statement Wednesday while MATIF wheat is fading from recent highs as well. On the KC May chart, resistance is at the 20-day moving average at $5.77, which we are back solidly below at midday. Support is the lower Bollinger Band at $5.56. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.