DTN Midday Grain Comments 03/15 10:47

DTN Midday Grain Comments 03/15 10:47 Corn Higher, Beans and Wheat Lower on Friday Corn trade is 3-4 cents higher. Beans are 2-3 cents lower and wheat trade is 2-7 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday with the S&P 25 points lower. The dollar index is 8 points higher. The interest rate products are mixed. Energies have crude narrowly mixed and natural gas off $.05. Livestock trade is firmer. Precious metals are mixed with gold off $1.20. CORN: Corn trade is 3-4 cents higher with action working back towards the upper end of the range at midday with little fresh news. Ethanol margins are seeing pressure again with corn firming and the unleaded holding the upper end of the range. The daily wire saw 125,000 metric tons (mt) of old crop booked by unknown. Basis looks to remain flat short term even with midweek storms slowing fieldwork. Early second-crop corn should continue to progress in Brazil with the planting pace still solidly ahead of average with the extended forecast looking to add some moisture. On the May chart, the 20-day at $4.30 is nearby support with the Upper Bollinger Band at $4.45 the next round-up, which we faded from midweek. SOYBEANS: Soybean trade is 2-3 cents lower at midday with oil leading the product complex as we bounce back from the dime-lower action early in the session. Meal is $1.50 to $2.50 lower and oil is 10-20 points higher. South American weather should allow for Brazil's harvest to continue to progress with little change to Argentina conditions expected short term. The daily wire was quiet again today. Basis should remain flat short term domestically. The May soybeans have support at the 20-day moving average of $11.65. The $12.05 upper Bollinger band is the next level of resistance above the fresh high at $12.17 1/2 scored yesterday above that. WHEAT: Wheat trade is 2-7 cents lower with KC action the downside leader as trade fades a bit further after breaching nearby support yesterday along with the dollar holding gains to limit upside. Trade is looking to see if any more export cargos are canceled on the world market after a recent run. The Plains will see cooler temps short term with some rains working across parts of the plains the past few days. The dollar is back in the middle of the range while matif wheat continues to hold above the recent lows with some early strength today. On the KC May chart, resistance is at the 20-day moving average at $5.77, which we slipped below yesterday. Support is the lower Bollinger Band at $5.55. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.