DTN Midday Grain Comments     03/17 10:47

   Corn, Wheat Futures Lower at Midday Tuesday; Soybeans Mixed

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 
mixed; wheat futures are 9 to 13 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 
mixed; wheat futures are 9 to 13 cents lower. The U.S. stock market is firmer 
at midday with the S&P 30 points higher. The U.S. Dollar Index is 5 points 
lower. The interest rate products are firmer. Energy trade is firmer with crude 
up 1.30 and natural gas .02 higher. Livestock trade is firmer with cattle 
leading. Precious metals are mixed with gold up 11.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with trade fading back from 
nickel-higher action overnight as we work to consolidate after the Monday 
pullback. Ethanol margins will get a boost from the corn pullback while 
unleaded continues to hold the upper end of the range. Basis likely weakens in 
the short term as we sort outside influences out along with pre-spring 
movement. New-crop price ratios are shifting back toward soybeans Tuesday 
morning after shifting toward corn Monday. On the May chart, support is the 
20-day moving average at $4.49, which we are testing at midday, with fresh high 
at $4.76.

SOYBEANS:

   Soybean futures are narrowly mixed up front at midday with new-crop up 12 to 
13 cents with softer spread action continuing after the Monday washout with 
expanded limits in play Tuesday. Meal is 4.00 to 5.00 lower and oil is 195 to 
205 points higher with expanded limits there as well. South America progress 
should continue to see Brazil harvest move more into export channels with 
little change in Argentina in the short term. Basis should stay flat until we 
see further futures consolidation. On the May contract, chart resistance is 
$11.76 where we find the 20-day moving average, which we collapsed below 
Monday, with the Lower Bollinger Band at $11.26 as support.

WHEAT:

   Wheat futures are 9 to 13 cents lower with trade softening after early 
strength as we work back to the middle of the range as we wait for further 
outside market and weather developments. Weather for the Plains looks to stay 
warm into the second half of the month with the west likely to remain on the 
dry side with the first national condition reports still a couple weeks off. 
Matif wheat is weaker. On the KC May chart, support is the 20-day moving 
average at $5.91 with resistance the fresh high at $6.47 1/2.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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