DTN Midday Grain Comments 03/25 10:53

DTN Midday Grain Comments 03/25 10:53 Soybean, Wheat Futures Higher at Midday; Corn Flat to Higher Corn futures are flat to a penny higher at midday Monday; soybean futures are 15 to 17 cents higher; wheat futures are 6 to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny higher at midday Monday; soybean futures are 15 to 17 cents higher; wheat futures are 6 to 9 cents higher. The U.S. stock market is weaker at midday with the S&P 10 points lower. The U.S. Dollar Index is 25 points lower. The interest rate products are mostly lower. Energies have crude 1.30 higher and natural gas narrowly mixed. Livestock trade is mostly higher. Precious metals are firmer with gold up 17.00. CORN: Corn futures are flat to a penny higher at midday with rangebound action continuing as we wait for fresh news with some support from wheat and soybeans this morning. Ethanol margins should stay within the recent range with corn and unleaded staying rangebound and driving demand picking up a little bit ahead of Easter. Weekly export inspections remained solid at 1.228 million metric tons (mmt). Basis looks to remain flat in the short term until farmers return to fieldwork with recent and pending weather systems likely to limit pace into early April. Early second-crop corn should continue to progress in Brazil with better near-term moisture expected. On the May chart, the 20-day moving average at $4.35 is nearby support with the Upper Bollinger Band at $4.47 the next round up. SOYBEANS: Soybean futures are 15 to 17 cents higher to start the week with front-month action back above $12.00 and oil leading the product complex. Meal is 2.50 to 3.50 higher and oil is 95 to 105 points higher. South American weather should allow for Brazil harvest to head toward the homestretch with light delays possible in the short term and Argentina conditions likely to show little short-term change. Weekly export inspections were within the seasonal range at 768,711 metric tons (mt). Basis should remain flat in the short term domestically. May soybeans have support at the 20-day moving average at $11.76. The $12.24 Upper Bollinger band is the next level of resistance above the fresh high at $12.26 3/4 scored last week above that. WHEAT: Wheat futures are 6 to 9 cents higher with trade pressing back to the upper end of the range on talk of disruption to Russia exports over phytosanitary disputes, along with increased attacks on ports and refineries in the area. The Plains will see cooler temps in the short term with some moisture through the weekend. The dollar is fading back a little from the upper end of the range, with MATIF wheat holding near recent highs. Weekly export inspections remained a bit soft at 315,395 mt. On the KC May chart, support is at the 20-day moving average at $5.81, which we are solidly above at midday. Resistance is the Upper Bollinger Band at $6.03. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.