DTN Midday Grain Comments     03/16 10:48

   Corn, Soybean, Wheat Futures All Lower at Midday Monday

   Corn futures are 12 to 14 cents lower at midday Monday; soybean futures are 
55 to 58 cents lower; wheat futures are 3 to 13 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 12 to 14 cents lower at midday Monday; soybean futures are 
55 to 58 cents lower; wheat futures are 3 to 13 cents lower. The U.S. stock 
market is firmer at midday with the S&P 80 points higher. The U.S. Dollar Index 
is 50 points lower. The interest rate products are firmer. Energy trade is 
weaker with crude off 3.30 and natural gas .09 lower. Livestock trade is firmer 
with cattle leading. Precious metals are weaker with gold off 55.00.

CORN:

   Corn futures are 12 to 14 cents lower at midday with broad selling to start 
the week as negative spillover from soybeans and energies easing back from the 
start of the session contributes. Unleaded values continue to support blending 
for retailers, which should keep production strong as long a driving demand 
continues to hold up into spring. Weekly export inspections remained strong at 
1.659 million metric tons (mmt) with year-to-date pace at 139%. Basis likely 
weakens in the short term as we sort outside influences out. New-crop price 
ratios are shifting a bit toward corn Monday morning as trade waits for further 
fertilizer developments. On the May chart, support is the 20-day moving average 
at $4.48 with a fresh high at $4.76.

SOYBEANS:

   Soybean futures are 55 to 58 cents lower at midday with a gap lower on 
comments that the trade meeting with China may be delayed amid the ongoing Gulf 
issues with deeply overbought conditions finally easing. Meal is 6.50 to 7.50 
lower and oil is 260 to 270 lower. South America progress should continue to 
see Brazil harvest move more into export channels with little change in 
Argentina. Basis should stay flat until we see further futures consolidation. 
Weekly export inspections improved at 966,082 mt with year-to-date pace at 72%. 
On the May contract, chart support is $11.77, where we find the 20-day moving 
average, which we are below at midday, with the fresh high at $12.38 1/2 as 
resistance.

WHEAT:

   Wheat futures are 3 to 13 cents lower at midday with KC leading and weather 
concerns likely to increase the premium to Chicago in the short term with 
overall action continuing to hold the upper end of the range. 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. Matif wheat is sharply lower Monday morning. 
Weekly export inspections stayed rangebound at 343,022 metric tons with 
year-to-date pace at 119%. On the KC May chart, support is the 20-day moving 
average at $5.89 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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