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DTN Midday Grain Comments     03/18 10:53

   Wheat Futures Higher at Midday; Corn Mixed; Soybeans Lower

   Corn futures are narrowly mixed at midday Monday; soybean futures are 8 to 
10 cents lower; wheat futures are 7 to 12 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Monday; soybean futures are 8 to 
10 cents lower; wheat futures are 7 to 12 cents higher. The U.S. stock market 
is firmer at midday with the S&P 45 points higher. The U.S. Dollar Index is 9 
points higher. The interest rate products are weaker. Energies have crude .95 
higher and natural gas up .05. Livestock trade is firmer. Precious metals are 
mixed with gold up $2.50.

CORN:

   Corn futures are narrowly mixed at midday with rangebound action continuing 
as early gains turned to two-sided action. Ethanol margins are expected to see 
little change with unleaded action likely boosting blender margins a bit. 
Weekly export inspections remained solid at 1.239 million metric tons (mmt). 
Basis looks to remain flat in the short term with colder weather slowing 
fieldwork. Early second crop corn should continue to progress in Brazil with 
planting pace still solidly ahead of average with the extended forecast looking 
to add some moisture toward the end of the month. On the May chart, the 20-day 
moving average at $4.30 is nearby support with the Upper Bollinger Band at 
$4.46 the next round up, which we faded from at midweek.

SOYBEANS:

   Soybean futures are 8 to 10 cents lower at midday with early gains fading 
again and product action a bit softer and little fresh news so far as we 
struggle to consolidate past $12.00. Meal is .50 to 1.50 lower and oil was 100 
to 120 points lower. South American weather should allow for Brazil harvest to 
head toward the homestretch with Argentina conditions remaining in good shape. 
Weekly export inspections were in line with seasonal norms at 686,181 metric 
tons (mt). Basis should remain flat domestically in the short term. May 
soybeans have support at the 20-day moving average at $11.66. The $12.09 Upper 
Bollinger band is the next level of resistance above the fresh high at $12.17 
1/2 scored last week above that.

WHEAT:

   Wheat futures are 7 to 12 cents higher at midday with trade working to 
rebound again after washing back to the lower end of the range last week. There 
was Another test of the low end of the range Monday morning after the initial 
strength faded. There were renewed strikes on Ukraine export infrastructure 
again over the weekend, but reaction so far has been muted. The Plains will see 
cooler temps in the short term with some moisture not expected until next week. 
The dollar is back to the middle of the range while MATIF wheat is solidly 
higher at midday as well. On the KC May chart, resistance is at the 20-day 
moving average at $5.77, which we are just below at midday. Support is the 
lower Bollinger Band at $5.55.

   David Fiala can be reached at dfiala@futuresone.com. 

   Follow him on X, formerly Twitter, @davidfiala.




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