DTN Midday Grain Comments     03/26 12:32

   Soybean Futures Higher at Midday Thursday; Corn Lower; Wheat Flat-Higher

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
3 to 4 cents higher; wheat futures are flat to 4 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
3 to 4 cents higher; wheat futures are flat to 4 cents higher. The U.S. stock 
market is weaker at midday with the S&P 50 points lower. The U.S. Dollar Index 
is 18 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up 3.70 and natural gas .05 higher. Livestock trade is mostly 
lower. Precious metals are weaker with gold off 101.00.

CORN:

   Corn futures are 1 to 2 cents lower at midday with action consolidating at 
the top of the range as we head toward the report next week along with further 
optimism with the E15 waivers Wednesday. Ethanol margins should remain solid 
with the summer E15 along with coming Easter travel. Weekly export sales were 
solid at 1.218 million metric tons (mmt) of old crop, and 135,000 metric tons 
of new. Basis likely continues to hold the recent range. New-crop price ratios 
continue to edge toward soybeans through midweek. On the May chart support is 
the 20-day at 4.57 with recent high at 4.76.

SOYBEANS:

   Soybean futures were 3 to 4 cents higher at midday with action just below 
nearby resistance ahead of the biofuels targets expected to be released Friday 
with oil leading the product complex. Meal is flat to 1.00 higher and oil is 85 
to 95 points higher. South America progress should continue to push more 
bushels onto the world stage as Brazil continues to move along harvest wise and 
Argentina sees little change. Basis should stay flat in the short term with 
nearby availability remaining good for end users. Weekly export sales improved 
at 668,900 metric tons old crop; 27,000 mt of new; 507,600 mt of meal; and 800 
of oil. On the May contract, chart resistance is $11.79, where we find the 
20-day moving average, with the Lower Bollinger Band at $11.32 as support.

WHEAT:

   Wheat futures are flat to 4 cents higher with KC action leading as trade 
works to consolidate the Wednesday rebound from nearby support. Weather for the 
Plains looks to stay warm with the second week of the forecast looking wetter 
especially for the eastern growing areas. Matif wheat is flat Thursday despite 
the weaker euro. Weekly export sales were solid at 397,200 metric tons old crop 
and 205,800 of new. On the KC May chart, support is the 20-day moving average 
at $6.06 with resistance the fresh high at $6.47 1/2.

   **

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   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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