DTN Midday Grain Comments     03/17 10:51

   Corn, Wheat Futures Higher at Midday; Soybeans Lower

   Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are 1 
to 2 cents lower; wheat futures are 15 to 21 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are 1 
to 2 cents lower; wheat futures are 15 to 21 cents higher. The U.S. stock 
market is mixed with the S&P 10 points higher. The U.S. Dollar Index is 30 
points lower. The interest rate products are firmer. Energy trade is mixed with 
crude .20 higher with natural gas .05 lower. Livestock trade is firmer with 
hogs leading. Precious metals are mixed with gold up 2.00.

CORN:

   Corn futures are 3 to 4 cents higher with back-and-forth trade continuing 
and spread action firmer to start as we move back to the middle of the recent 
range. Ethanol margins will remain tight with better spring demand needed to 
boost blending. Weekly export inspections were strong at 1.659 million metric 
tons (mmt) with year-to-date pace holding at 133%. Basis is expected to stay 
rangebound in the short-term with fieldwork to start picking up. On the May 
chart, the 20-day moving average at $4.78 is resistance with the recent low at 
$4.42 1/4 as support.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower with light, two-sided action so far 
Monday with product action following suit as grains show better initial 
strength to add some spillover support. Meal is .50 to 1.50 lower and oil is 55 
to 65 points higher. South America has little change expected in near-term 
weather patterns as harvest progresses. Weekly export inspections were OK, 
seasonally, at 646,667 metric tons (mt) with year-to-date pace at 109%. Basis 
is expected to remain flat to softer through midmonth. On the May chart, trade 
has resistance at the 20-day moving average at $10.28 with the recent low at 
$9.91 as support, which we held Monday.

WHEAT:

   Wheat futures are 15 to 21 cents higher at midday with trade popping back 
through nearby resistance with weather and world events adding a bit of premium 
again with action in the Gulf. Warmer weather is expected to continue ahead of 
a midweek storm with the extended forecast drier for the Plains. MATIF wheat is 
firmer as well with trade working to build back off the lower end of the range. 
Weekly export inspections were solid at 492,658 mt with year-to-date pace at 
118% of last year. On the KC May chart, resistance is the 20-day moving average 
at $5.91, which we have popped above overnight, with support at the recent low 
at $5.41.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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