DTN Midday Grain Comments     03/23 10:50

   Corn, Wheat Futures Lower at Midday Monday; Soybeans Flat-Higher

   Corn futures are 7 to 8 cents lower at midday Monday; soybean futures are 
flat to 1 cents higher; wheat futures are 8 to 14 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 7 to 8 cents lower at midday Monday; soybean futures are 
flat to 1 cents higher; wheat futures are 8 to 14 cents lower. The U.S. stock 
market is sharply higher at midday with the S&P 130 points higher. The U.S. 
Dollar Index is 60 points lower. The interest rate products are firmer. Energy 
trade is sharply lower with crude off 11.30 and natural gas .17 lower. 
Livestock trade is firmer with feeders leading. Precious metals are mixed with 
gold off 125.00.

CORN:

   Corn futures are 7 to 8 cents lower at midday after two-sided trade as early 
strength faded after comments about delaying strikes on Iran's power plants 
amid progress in negotiations with trade firming back from the immediate 
post-reaction lows. Ethanol margins will continue to bounce in the range as 
blenders margins should remain strong into spring. The daily export wire saw 
102,000 metric tons sold to Mexico. Weekly export inspections were very strong 
at 1.70 million metric tons (mmt) with year-to-date pace at 138%. Basis likely 
continues to hold the recent range. New-crop price ratios are favoring beans to 
start the day. On the May chart, support is the 20-day moving average at $4.54 
with recent high at $4.76.

SOYBEANS:

   Soybean futures are flat to 1 cent higher at midday with two-sided action as 
meal fades back from the recent highs as we wait for further biofuel and world 
event developments. Meal is 2.00 to 3.00 lower and oil is 10 to 20 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. The daily 
export wire saw 161,120 metric tons sold to Mexico. Weekly export inspections 
improved at 1.102 mmt with year-to-date pace at 73%. On the May contract, chart 
resistance is $11.78, where we find the 20-day moving average, with the Lower 
Bollinger Band at $11.31 as support.

WHEAT:

   Wheat futures are 8 to 14 cents lower at midday with action fading again as 
we wait for further directions from row crops, weather and international events 
in the short term. Weather for the Plains looks to stay warm with the second 
week of the forecast looking wetter. Matif wheat is weaker as well to start. 
Weekly export inspections remained rangebound at 458,411 metric tons. On the KC 
May chart, support is the 20-day moving average at $5.98, which we are testing 
at midday, 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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