DTN Midday Grain Comments 03/06 10:53

DTN Midday Grain Comments 03/06 10:53 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 12 to 13 cents higher at midday Thursday; soybean futures are 17 to 19 cents higher; wheat futures are 8 to 11 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 12 to 13 cents higher at midday Thursday; soybean futures are 17 to 19 cents higher; wheat futures are 8 to 11 cents higher. The U.S. stock market is weaker with the S&P 50 points lower. The U.S. Dollar Index is 30 points lower. The interest rate products are weaker. Energy trade is lower with crude .45 lower with natural gas .12 lower. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold off 1.50. CORN: Corn futures are 12 to 13 cents higher with trading firming from early two-sided action as further tariff delays for North America appear likely. Ethanol margins are seeing pressure again as corn firms and unleaded lags. Weekly export sales were a little better at 909,100 metric tons (mt) of old crop and 52,000 mt of new. Basis action should start to consolidate and firm as we head toward spring fieldwork season. On the May chart, the 20-day moving average at $4.91 is resistance with the fresh low at $4.42 1/4 scored Monday the next level of support. SOYBEANS: Soybean futures are 17 to 19 cents higher at midday with products firming as trade works higher after the tariff news. Meal is 6.50 to 7.50 higher and oil 10 to 20 points higher. South America should continue to progress at a good pace harvest and development wise in the short term which will likely limit rallies a bit. Weekly export sales remained soft at 352,900 mt old crop; 54,900 mt new; 236,600 meal with 100 new crop; and 54,400 oil. Basis is expected to remain flat to softer if the rally holds. On the May chart, trade has resistance at the 20-day moving average at $10.43 with the fresh low at $9.91 as support. WHEAT: Wheat futures are 8 to 11 cents higher as we follow the row-crop action along with support from the cheaper dollar. Some moisture is expected to work across the Plains at times with mostly normal to above normal temps into midmonth. MATIF wheat is softer again with the weaker dollar while Black Sea cash offers are tightening up again. Weekly export sales improved a touch to 338,700 mt. On the KC May chart, resistance is the 20-day moving average at $5.99 with support at the fresh low at $5.41 scored Wednesday. ** 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.