DTN Midday Grain Comments     03/24 10:53

   Corn, Soybean, Wheat Futures Lower at Midday

   Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 3 
to 4 cents lower; wheat futures are 8 to 12 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 3 
to 4 cents lower; wheat futures are 8 to 12 cents lower. The U.S. stock market 
is firmer with the S&P 90 points higher. The U.S. Dollar Index is 25 points 
higher. The interest rate products are weaker. Energy trade is mixed with crude 
.60 higher and natural gas off .01. Livestock trade is mixed with cattle 
leading. Precious metals are mixed with gold off 55.00.

CORN:

   Corn futures are 1 to 2 cents lower at midday with trade trying to firm from 
the light early session with flat spread action and little other fresh news. 
Ethanol margins are expected to continue tracking sideways as well, with 
unleaded starting to see a little spring strength. Weekly export inspections 
were strong at 1.463 million metric tons (mmt), with year-to-date pace at 132%. 
Basis is expected to firm a bit more into early April. 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 $4.67 is resistance with the recent 
low at $4.42 1/4 as support.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower at midday with action holding the 
lower end of the range with product weakness and ongoing South American harvest 
keeping upside limited. Meal is 2.50 to 3.50 lower and oil is flat to 10 points 
lower. South America should continue to push fresh bushels onto the export 
market as harvest progresses with weather looking open enough to keep things 
moving. Weekly export inspections improved at 822,214 metric tons (mt) with 
year-to-date pace at 109%. 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 
$10.17 with the recent low at $9.91 as support.

WHEAT:

   Wheat futures are 8 to 12 cents lower with KC the downside leader as trade 
watches for weather and political developments in the Black Sea with ongoing 
ceasefire talks. Normal-to-slightly-above temps for the Plains this week with 
better moisture potential for the second week is helping to limit gains as 
well. MATIF wheat is sharply lower Monday morning to get back to the lower end 
of the range. Weekly export inspections were improved at 484,701 metric tons 
with year to date pace at 118%. On the KC May Chart support is the 20-day at 
$5.80 which we are below at midday with the next level of resistance is the 
Upper Bollinger Band at $6.17.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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