DTN Midday Grain Comments     03/20 10:45

   Corn, Soybean, Wheat Futures All Lower at Midday Friday

   Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 2 
to 4 cents lower; wheat futures are 6 to 13 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 2 
to 4 cents lower; wheat futures are 6 to 13 cents lower. The U.S. stock market 
is weaker at midday with the S&P 60 points lower. The U.S. Dollar Index is 40 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude up .90 and natural gas .07 lower. Livestock trade is mixed with 
cattle. Precious metals are weaker with gold off 40.00.

CORN:

   Corn futures are 3 to 4 cents lower at midday with trade edging back from 
the top of the range. Spread action is flat as we head toward the weekend with 
little other fresh news, which likely keeps some profit-taking versus longs in 
play. Ethanol margins continue to hold with the unleaded strength supporting 
blenders. Basis likely continues to hold the recent range. New-crop price 
ratios are flat again to start today. On the May chart, support is the 20-day 
moving average at $4.53 with fresh high at $4.76.

SOYBEANS:

   Soybean futures are 2 to 4 cents lower with flatter spread action. Trade 
continues to consolidate after the early week washout with oil leading the 
product complex after the midweek meal surge and early gains fading toward 
midday. Meal is 7.00 to 8.00 lower and oil is 60 to 70 points higher. South 
America progress should continue to see Brazil harvest move more into export 
channels as harvest heads toward the homestretch there with Argentina harvest 
fast approaching. Basis should stay flat until we see further futures 
consolidation and more clarity about short-term demand. On the May contract, 
chart resistance is $11.78, where we find the 20-day moving average, which we 
collapsed below Monday with the Lower Bollinger Band at $11.31 as support.

WHEAT:

   Wheat futures are 6 to 13 cents lower with KC action the downside leader as 
we work to hang on to the $6.00 area on the front month for all three contracts 
with little other fresh news and less positive outside market spillover Friday. 
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 toward April. Matif wheat is 
weaker. On the KC May chart, support is the 20-day moving averge at $5.98 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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