DTN Midday Grain Comments 03/22 10:50

DTN Midday Grain Comments 03/22 10:50 Wheat Futures Higher at Midday; Corn Steady to Lower; Soybeans Lower Corn futures are flat to a penny lower at midday Friday; soybean futures are 17 to 19 cents lower; wheat futures are 6 to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny lower at midday Friday; soybean futures are 17 to 19 cents lower; wheat futures are 6 to 7 cents higher. The U.S. stock market is mixed at midday with the S&P 5 points lower. The U.S. Dollar Index is 35 points higher. The interest rate products are firmer. Energies have crude .20 lower and natural gas off .03. Livestock trade is mostly lower. Precious metals are weaker with gold off 14.00. CORN: Corn futures are flat to 1 cent lower at midday with spread action flat to firmer. Trade is holding the recent range as we bounce back from early day session selling. Ethanol margins should stay within the recent range with corn and unleaded staying rangebound. The daily export wire reported 263,000 metric tons (mt) sold to Mexico. Basis looks to remain flat in the short term until farmers return to fieldwork. Early second crop corn should continue to progress in Brazil with planting pace still solidly ahead of average rains expected soon. On the May chart, the 20-day moving average at $4.34 is nearby support with the Upper Bollinger Band at $4.48 the next round up. SOYBEANS: Soybean futures are 17 to 19 cents lower at midday with trade fading below the $12.00 area up front as upside momentum slows again with product weakness and lingering Brazil harvest pressure into the weekend. Meal is 3.50 to 4.50 lower and oil is 90 to 100 points lower. 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. Basis should remain flat in the short term domestically. The May soybeans have support at the 20-day moving average at $11.74. The $12.21 Upper Bollinger band is the next level of resistance above the fresh high at $12.26 3/4 scored Thursday above that. WHEAT: Wheat futures are 6 to 7 cents higher with trade gaining midday momentum after early weakness on a firmer dollar, but stronger Euro values have offset as we moved ahead. The Plains will see cooler temps in the short term with some moisture not expected until early next week. The dollar is back to the recent highs after the reversal Thursday while MATIF is extending to fresh highs for the move. On the KC May chart, resistance is at the 20-day moving average at $5.79, which we are just above at midday. Support is the lower Bollinger Band at $5.58. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.