DTN Midday Grain Comments     03/21 10:48

   Corn, Soybean Futures Lower at Midday; Wheat Mixed

   Corn futures are 5 to 6 cents lower at midday Friday; soybean futures are 6 
to 7 cents lower; wheat futures are 2 cents lower to 2 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Friday; soybean futures are 6 
to 7 cents lower; wheat futures are 2 cents lower to 2 cents higher. The U.S. 
stock market is weaker with the S&P 40 points lower. The U.S. Dollar Index is 
15 points higher. The interest rate products are mixed. Energy trade is mixed 
with crude .10 higher with natural gas unchanged. Livestock trade is mixed with 
hogs leading. Precious metals are weaker with gold off 25.00.

CORN:

   Corn futures are 5 to 6 cents lower at midday with trade fading back from 
nearby resistance with softer spread trade and little other fresh news. Ethanol 
margins should stay rangebound with corn and unleaded holding the range. Basis 
is expected to firm a bit more into early April. Double-crop planting in Brazil 
will wrap up soon. On the May chart, the 20-day moving average at $4.69 is 
resistance with the recent low at $4.42 1/4 as support.

SOYBEANS:

   Soybean futures are 6 to 7 cents lower at midday with mixed product action 
as trade continues to drift along with little other fresh news. Meal is 1.00 to 
2.00 higher and oil is 60 to 70 points lower. South America should continue to 
push fresh bushels on to the export market as harvest progresses. 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 $10.19 with the recent low at $9.91 
as support.

WHEAT:

   Wheat futures are 2 cents lower to 2 cents higher with trade working to hold 
support after sliding on Thursday with the sharp dollar rebound which continues 
to hold Friday morning. Normal to slightly above temps with better moisture 
potential for the second week are forecasted for the Plains into April. MATIF 
wheat is a bit lower to hold the lower end of the range. On the KC May chart, 
support is the 20-day moving average at $5.82, which we are holding above at 
midday, with the next level of resistance 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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