DTN Midday Grain Comments     03/26 10:52

   Corn, Wheat Futures Lower at Midday; Soybeans Higher

   Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 
3 to 4 cents higher; wheat futures are 1 to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 
3 to 4 cents higher; wheat futures are 1 to 7 cents lower. The U.S. stock 
market is mixed with the S&P 30 points lower. The U.S. Dollar Index is 17 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude .95 higher with natural gas up .03. Livestock trade is mostly 
higher. Precious metals are mixed with gold off 2.50.

CORN:

   Corn futures are 3 to 4 cents lower at midday with flat spread action as we 
consolidate the lower end of the range further with little other fresh news as 
early gains fade again. The weekly ethanol report showed production down by 
52,000 barrels per day, with stocks 800,000 barrels higher. Weekly export sales 
are expected to be in the 600,000 to 800,000 metric ton (mt) range Thursday. 
Basis is expected to keep a sideways to firmer trend into April with soft 
futures action adding support. Double-crop planting in Brazil will wrap up soon 
with weather looking good for early development. On the May chart, the 20-day 
moving average at $4.63 is resistance with the recent low at $4.42 1/4 as 
support.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with better product action 
and oil leading as we continue to scrape along the lower end of the range 
overall with the May contract working to hold onto $10.00. Meal is .50 to 1.50 
higher and oil is 20 to 30 points higher. South America weather looks to 
remains cooperative for the finish to the growing season as harvest moves 
forward. Weekly export sales are expected to be in the 200,000 to 400,000 mt 
range. Basis is expected to remain flat into the end of the month. On the May 
chart, trade has resistance at the 20-day moving average at $10.13 with the 
recent low at $9.91 as support.

WHEAT:

   Wheat futures are 1 to 7 cents lower at midday with long liquidation 
continuing with little fresh news to drive action as immediate weather concerns 
moderate and agreements over Black Sea transit look to be on the table. Normal 
to slightly above temps for the Plains this week with better moisture potential 
for the second week. MATIF wheat is flat to lower after early strength. Weekly 
export sales are expected to be in the 250,000 to 450,000 mt range Thursday. On 
the KC May chart, resistance is the 20-day moving average at $5.77, which we 
closed below again Tuesday, with the next level of support the Lower Bollinger 
Band at $5.47.    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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