DTN Midday Grain Comments     03/19 10:49

   Corn, Soybean Futures Higher at Midday Thursday; Wheat Mixed

   Corn futures are 5 to 6 cents higher at midday Thursday; soybean futures are 
2 to 3 cents higher; wheat futures are narrowly mixed. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents higher at midday Thursday; soybean futures are 
2 to 3 cents higher; wheat futures are narrowly mixed. The U.S. stock market is 
weaker at midday with the S&P 45 points lower. The U.S. Dollar Index is 40 
points lower. The interest rate products are mixed. Energy trade is firmer with 
crude up 1.00 and natural gas .17 higher. Livestock trade is weaker. Precious 
metals are weaker with gold off 285.00.

CORN:

   Corn futures are 5 to 6 cents higher at midday, working to just short of the 
recent spike highs with continued tailwinds from the energy markets. Ethanol 
margins continue to hold with unleaded strength supporting blenders. Weekly 
export sales eased a bit at 1.172 million metric tons (mmt). Basis likely 
remains soft in the short term. New-crop price ratios are flat again to start 
Thursday. On the May chart, support is the 20-day moving average at $4.52 with 
fresh high at $4.76.

SOYBEANS:

   Soybean futures are 2 to 3 cents higher up front with new crop 5 to 6 cents 
higher as spread action continues to fade and meal finds another set of fresh 
highs at midday. Meal is 10.00 to 11.00 higher and oil is 5 to 15 points lower. 
South America 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. Weekly export sales 
were soft at 298,200 metric tons (mt) old crop; 6,600 mt new; 220,900 of meal; 
and 5,200 of oil. On the May contract, chart resistance is $11.77, where we 
find the 20-day moving average, which we collapsed below Monday, with the Lower 
Bollinger Band at $11.29 as support.

WHEAT:

   Wheat futures are narrowly mixed with Chicago action leading as trade 
continues to consolidate above $6.00 nearby with the uptrend continuing to 
build overall. 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 firmer. Weekly export sales were OK with 189,900 mt of old and 212,100 
mt of new. On the KC May chart, support is the 20-day moving average at $5.97, 
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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