DTN Midday Grain Comments 03/04 10:54

DTN Midday Grain Comments 03/04 10:54 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 9 to 10 cents lower at midday Tuesday; soybean futures are 13 to 15 cents lower; wheat futures are 11 to 18 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 9 to 10 cents lower at midday Tuesday; soybean futures are 13 to 15 cents lower; wheat futures are 11 to 18 cents lower. The U.S. stock market is sharply lower with the S&P 99 points lower. The U.S. Dollar Index is 52 points lower. The interest rate products are firmer. Energy trade is mixed with crude 1.04 lower with natural gas .40 higher. Livestock trade is mostly lower. Precious metals are mixed with gold up 17.50. CORN: Corn futures are 9 to 10 cents lower at midday with oversold conditions intensifying as tariffs and retaliatory tariffs take effect and broad risk-off action continuing. Ethanol margins should find a little more support with the continued corn weakness with unleaded values holding up better. Basis action will likely soften with the risk-off trade increasing uncertainty for everyone. On the May chart, the 20-day moving average at $5.02 is resistance with the fresh low at $4.42 1/4 scored Tuesday morning the next level of support. SOYBEANS: Soybean futures are 13 to 15 cents lower with meal the downside leader in the product complex while oil gives up the early gains as the risk-off sentiment dominates. Meal is 6.00 to 7.00 lower and oil is 65 to 75 points lower. South America should keep moving ahead harvest-wise in Brazil with little change to Argentina short term. The daily export wire saw 20,000 metric tons (mt) of soy oil to unknown. Basis is expected to remain flat into early March. On the May chart, trade has resistance at the 20-day moving average at $10.56 with the fresh low at $9.91 as support. WHEAT: Wheat futures are 11 to 18 cents lower at midday with broad risk-off trade continuing and the weaker dollar providing little support so far. Some moisture is expected to work across the Plains at times with normal to above normal temperatures for the most part into midmonth. MATIF wheat is drifting lower as well with the weaker dollar. The daily export wire saw 130,000 metric tons of white wheat sold to South Korea. On the KC May chart, resistance is the 20-day moving average at $6.04 with support at the fresh low at $5.41 scored Tuesday morning. ** Farmers face a rapidly changing political environment as they gear up for spring planting. The news around tariff negotiations, budget cutting efforts and potential tax reform may keep the markets guessing, but our experts will help farmers put the news into perspective. Join us March 7, 2025, for DTN's next Ag Summit Series: "Spring Forward: Ag Policy, Weather Trends and Market Insights" by registering at https://nam11.safelinks.protection.outlook.com/?url=https%3A%2F%2Fdtn.link%2FAgS ummitSeries-Spring25&data=05%7C02%7CCheri.Zagurski%40dtn.com%7Cf217b1c232654efe9 e6208dd5a6fca02%7Cd945da26f07f451496e79b8f78a743d0%7C0%7C0%7C638766158398089874% 7CUnknown%7CTWFpbGZsb3d8eyJFbXB0eU1hcGkiOnRydWUsIlYiOiIwLjAuMDAwMCIsIlAiOiJXaW4z MiIsIkFOIjoiTWFpbCIsIldUIjoyfQ%3D%3D%7C0%7C%7C%7C&sdata=VpuJmoRJ%2B6OZW7txuCZnCS %2BUCw%2BurftjKoK3jaBA%2FLQ%3D&reserved=0. ** David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2025 DTN, LLC. All rights reserved.