DTN Midday Grain Comments 03/21 10:58

DTN Midday Grain Comments 03/21 10:58 Corn, Soybeans Lower at Midday; Wheat Mixed Corn trade is flat to a penny lower at midday Thursday; beans are 1 to 2 cents lower and wheat trade is narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday Thursday with the S&P 30 points higher. The dollar index is 60 points higher. The interest rate products are weaker. Energies have crude at .60 lower and natural gas off .03. Livestock trade is mixed. Precious metals are mixed with gold up $10. CORN: Corn trade is flat to a penny lower with trade touching resistance in early action before fading back into the day session with the overall range remaining intact. Ethanol margins should stay within the recent range with unleaded easing a little to narrow recent blender gains. The export wire was quiet again today with weekly sales remaining solid at 1.19 million metric tons. Basis looks to remain flat short term until farmers return to fieldwork. 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 $4.33 is nearby support with the upper Bollinger Band at $4.48 the next round up. SOYBEANS: Soybean trade is 1 to 2 cents lower with early strength fading after trade touched new highs for the move early in the overnight session with meal continuing to lead the product complex. Meal is flat to $1 higher and oil is 50 to 60 points lower. South American weather should allow for Brazil's harvest to head towards the homestretch with rain delays likely waiting until next week with Argentina conditions remaining in good shape as the crop heads towards the finish line. The daily wire was quiet today with weekly sales in line seasonally at 494,000 metric tons of old crop, 300 of new, meal at 243,400 of old crop, 42,300 of new, and oil at 1,900. Basis should remain flat short term domestically. The May soybeans have support at the 20-day moving average at $11.67. The $12.21 upper Bollinger Band is the next level of resistance above the fresh high at $12.26 3/4 scored overnight above that. WHEAT: Wheat trade is narrowly mixed with early strength easing as the dollar rebounds along with row crop action fading into midday providing negative spillover. The Plains will see cooler temps short term with some moisture not expected until early next week. The dollar is back to the recent highs while MATIF continues to work just below recent highs. Weekly export sales had old crop at -108,600 metric tons, reflecting recent cancellations while new crop was OK at 285,900. 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 $5.56. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.