DTN Midday Grain Comments 03/05 10:51

DTN Midday Grain Comments 03/05 10:51 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 2 to 3 cents higher at midday Wednesday; soybean futures are 9 to 11 cents higher; wheat futures are 6 to 10 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Wednesday; soybean futures are 9 to 11 cents higher; wheat futures are 6 to 10 cents higher. The U.S. stock market is weaker with the S&P 22 points lower. The U.S. Dollar Index is 130 points lower. The interest rate products are weaker. Energy trade is sharply lower with crude 2.70 lower with natural gas unchanged. Livestock trade is firmer. Precious metals are firmer with gold up 17.50. CORN: Corn futures are 2 to 3 cents higher at midday with firmer spread action as trade works to ease oversold conditions and we wait to see if there are further developments on the trade front. Ethanol margins look to consolidate with the weekly report showing production up by 12,000 barrels per day (bpd), with stocks down by 300,000 barrels. Weekly export sales are expected to be in the 500,000 to 750,000 metric ton (mt) range Thursday. Basis action should start to consolidate. On the May chart, the 20-day moving average at $4.94 is resistance with the fresh low at $4.42 1/4 scored Tuesday the next level of support. SOYBEANS: Soybean futures are 9 to 11 cents higher at midday with meal leading product complex action Wednesday morning with trade working to get the front-month back over $10.00. Meal is 6.00 to 7.00 higher and oil is 10 to 20 points lower. South America should continue to progress at a good pace, harvest and development wise, in the short term. Weekly export sales expected to be in the 200,000 to 400,000 mt range. Basis is expected to remain flat into early March. On the May chart, trade has resistance at the 20-day moving average at $10.46 with the fresh low at $9.91 as support. WHEAT: Wheat futures are 6 to 10 cents higher at midday with broad short-covering in ag contracts along with the sharply weaker dollar adding support. Some moisture is expected to work across the Plains with mostly normal to above normal temps into mid-month. MATIF wheat is softer with the weaker dollar. Weekly export sales are expected to be in the 200,000 to 350,000 mt range Thursday. On the KC May chart, resistance is the 20-day moving average of $6.01 with support at the fresh low at $5.41 scored Tuesday. ** 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.