DTN Midday Grain Comments 03/22 12:01

DTN Midday Grain Comments 03/22 12:01 Corn, Wheat Mixed; Soybeans Down Midday Wednesday Corn trade is 3 higher to 2 cent lower; beans are 11 to 15 lower, and wheat trade is 4 cents to 1 cent lower. The U.S. stock market is mixed. The U.S. Dollar Index is 0.10 lower. Interest rate products are a little firmer. Energies are higher with crude up 40 cents. Livestock trade is lower. Precious metals are higher with gold up $9.00. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 3 higher to 2 cent lower; beans are 11 to 15 lower, and wheat trade is 4 cents to 1 cent lower. The U.S. stock market is mixed. The U.S. Dollar Index is 0.10 lower. Interest rate products are a little firmer. Energies are higher with crude up 40 cents. Livestock trade is lower. Precious metals are higher with gold up $9.00. CORN: Corn trade is 3 cents higher on nearby May and 2 cents lower on new crop with limited farmer selling allowing old crop to try and rally back into the area of the March highs, with new crop December moved to a new March low Wednesday morning. At midday Wednesday, December is off its early low, which was around a dime lower. Outside markets are flat to friendly, and the chart is generating buying interest on the nearby. The EIA report showed a negative rise in oil supplies, but the market shook that off due to declines in gasoline supplies. On the May chart we are above the 20-day at midday, which is now supported at $6.32 and resistance is at the $6.42 3/4 high printed on the third. SOYBEANS: Soybean action is weaker but we have bounced over a dime from our lows. May beans are down 11 cents and November futures are down 15 cents. Meal is $7 lower and bean oil 0.80 cent lower. New crop continues to see losses versus corn as the time to bid for acres grows short with more losses Wednesday morning. Market bulls argue for bounces due to the tight old crop balance sheets and need to limit demand, not drop in price to find it. With South American new crop beans becoming available, export news is expected to remain quieter. Market bears argue the lack of competitiveness is providing fundamental bearish views, plus the negative chart turn has generated long liquidation. The low this morning was over $1 off the May contract high up around $15.50. May chart resistance is now at the lowest major moving average, the 200-day, at $14.59 with support at the $14.43 daily low. WHEAT: Wheat trade is 4 cents lower on KC, 7 cents lower on Minneapolis and 14 cents lower on the Chicago contract. Spillover pressure from new crop row crops and some chart selling has been seen following the last few weeks' rally that ran out of steam, with wheat looking for some fresh friendly news to keep the market from slipping back to recent lows. A bright spot to note at midday, is the May KC around 25 cents above the daily low, and back above the 10-day and 20-day moving averages, this may attract some chart buyers the rest of the day. On the KC May Chart the 20-day is support at $8.15 with the 50-day resistance up at $8.43, which was the area of our Tuesday high. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.