DTN Midday Grain Comments 03/18 10:53

DTN Midday Grain Comments 03/18 10:53 Wheat Futures Higher at Midday; Corn Mixed; Soybeans Lower Corn futures are narrowly mixed at midday Monday; soybean futures are 8 to 10 cents lower; wheat futures are 7 to 12 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Monday; soybean futures are 8 to 10 cents lower; wheat futures are 7 to 12 cents higher. The U.S. stock market is firmer at midday with the S&P 45 points higher. The U.S. Dollar Index is 9 points higher. The interest rate products are weaker. Energies have crude .95 higher and natural gas up .05. Livestock trade is firmer. Precious metals are mixed with gold up $2.50. CORN: Corn futures are narrowly mixed at midday with rangebound action continuing as early gains turned to two-sided action. Ethanol margins are expected to see little change with unleaded action likely boosting blender margins a bit. Weekly export inspections remained solid at 1.239 million metric tons (mmt). Basis looks to remain flat in the short term with colder weather slowing fieldwork. Early second crop corn should continue to progress in Brazil with planting pace still solidly ahead of average with the extended forecast looking to add some moisture toward the end of the month. On the May chart, the 20-day moving average at $4.30 is nearby support with the Upper Bollinger Band at $4.46 the next round up, which we faded from at midweek. SOYBEANS: Soybean futures are 8 to 10 cents lower at midday with early gains fading again and product action a bit softer and little fresh news so far as we struggle to consolidate past $12.00. Meal is .50 to 1.50 lower and oil was 100 to 120 points lower. South American weather should allow for Brazil harvest to head toward the homestretch with Argentina conditions remaining in good shape. Weekly export inspections were in line with seasonal norms at 686,181 metric tons (mt). Basis should remain flat domestically in the short term. May soybeans have support at the 20-day moving average at $11.66. The $12.09 Upper Bollinger band is the next level of resistance above the fresh high at $12.17 1/2 scored last week above that. WHEAT: Wheat futures are 7 to 12 cents higher at midday with trade working to rebound again after washing back to the lower end of the range last week. There was Another test of the low end of the range Monday morning after the initial strength faded. There were renewed strikes on Ukraine export infrastructure again over the weekend, but reaction so far has been muted. The Plains will see cooler temps in the short term with some moisture not expected until next week. The dollar is back to the middle of the range while MATIF wheat is solidly higher at midday as well. On the KC May chart, resistance is at the 20-day moving average at $5.77, which we are just below at midday. 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.