DTN Midday Grain Comments     03/18 10:50

   Corn, Soybean, Wheat Futures All Higher at Midday Wednesday

   Corn futures are 5 to 6 cents higher at midday Wednesday; soybean futures 
are 2 to 3 cents higher; wheat futures are 12 to 17 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents higher at midday Wednesday; soybean futures 
are 2 to 3 cents higher; wheat futures are 12 to 17 cents higher. The U.S. 
stock market is weaker at midday with the S&P 30 points lower. The U.S. Dollar 
Index is 20 points higher. The interest rate products are weaker. Energy trade 
is firmer with crude up 3.10 and natural gas .03 higher. Livestock trade is 
weaker. Precious metals are weaker with gold off 131.00.

CORN:

   Corn futures are 5 to 6 cents higher at midday as we consolidate just above 
nearby support. The weekly ethanol report showed production off by 33,000 
barrels with stocks up by 800,000 as margins continue to hold and inventories 
build ahead of holiday travel. Weekly export sales are expected to be in the 
600,000 to 900,000 metric ton range. Basis likely weakens in the short term as 
we sort outside influences out along with pre-spring movement. New-crop price 
ratios are flat so far Wednesday after soybeans gained Tuesday. On the May 
chart, support is the 20-day moving average at $4.50, which we are testing at 
midday, with fresh high at $4.76.

SOYBEANS:

   Soybean futures are 2 to 3 cents higher up front with new-crop 2 to 3 cents 
higher as we firm back toward the day session from early session weakness. Meal 
is 3.50 to 4.50 higher and oil is 35 to 45 points higher. South America 
progress should continue to see Brazil harvest move more into export channels 
as harvest heads toward the homestretch there. Basis should stay flat until we 
see further futures consolidation and more clarity about short-term demand. The 
daily wire saw 120,000 metric tons of new crop meal sold to unknown 
destinations. Weekly export sales are expected to be in the 250,000 to 450,000 
metric ton range Thursday. On the May contract, chart resistance is $11.76, 
where we find the 20-day moving average, which we collapsed below Monday, with 
the Lower Bollinger Band at $11.27 as support.

WHEAT:

   Wheat futures are 12 to 17 cents higher at midday with trade looking to 
regain momentum after the soft start to the week as we continue to hold nearby 
action above $6.00. 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 with the first 
national condition reports still a couple weeks off. Matif wheat is firmer. 
Weekly export sales are expected to be in the 250,000 to 450,000 metric ton 
range. On the KC May chart, support is the 20-day moving average at $5.93 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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