DTN Midday Grain Comments 03/28 10:51

DTN Midday Grain Comments 03/28 10:51 Corn, Soybean Futures Lower at Midday Thursday; Wheat Mixed Corn futures are 3 to 4 cents lower at midday Thursday; beans are 6 to 8 cents lower and wheat trade is narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower midday Thursday; beans are 6 to 8 cents lower and wheat trade is narrowly mixed. The U.S. stock market is mixed at midday with the S&P 5 points higher. The dollar index is 12 points higher. The interest rate products are firmer. Energies have crude 1.20 higher and natural gas 0.01 firmer. Livestock trade is mixed. Precious metals are firmer with gold up 22.50. CORN: Corn futures are 1 to 2 cents higher at midday with trade drifting along until the Stocks and Acres report release at 11 a.m. CDT. The stocks and acres report trade is looking for stocks at 8.427 billion bushels (bb) and 91.8 million acres. Ethanol margins should stay within the recent range with unleaded helping blender margins a bit Thursday morning. Weekly export sales remained solid at 1.21 million metric tons (mmt) old crop, and 126,400 new. Basis has showed some life with fieldwork expansion just around the corner. Early second crop corn should continue to progress in Brazil with better near-term moisture expected. On the May chart the 20-day at $4.35 is nearby resistance after fading through it Wednesday with the Lower Bollinger Band at $4.24 as support with the contract low at $4.08 3/4 cents below that. SOYBEANS: Soybean futures are 6 to 8 cents lower at midday with trade fading back towards nearby support in pre-report action with mostly weaker product action. Meal is 4.50 to 5.50 lower and oil is 20 to 30 cents lower. South American weather is showing little short-term change as harvest moves on in Brazil with Argentina getting deeper into the growing season without any fresh issues. Some local estimates for Brazil are starting to edge back higher. Trade is looking for 86.53 million acres planted and stocks at 1.828 bb on the USDA report. Weekly export sales edged lower at 263,900 metric tons old, crop, 120,000 new with meal at 127,300 old, 1,200 new and 6,000 of oil. Basis should remain flat short-term domestically. The May soybeans have support at the 20-day moving average at $11.85 which we are testing at midday. The $12.24 Upper Bollinger band is the next level of resistance just below the fresh high at $12.26 3/4 scored last week above that. WHEAT: Wheat futures are narrowly mixed in quiet trade midday with action working just below nearby resistance levels on KC with spillover action from row crops likely to drive action later Thursday. Trade is looking for 47.33 million acres and stocks at 1.044 bb on the USDA report. The plains will see cooler temperatures exit into the weekend with better moisture in the second week forecast. The dollar is moving back towards the upper end of the range with further strength Thursday, with MATIF wheat holding above $200 a ton easing back off the overnight highs. Weekly export sales showed improvement at 339,600 metric tons old crop, and 212,800 of new crop. 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.