DTN Midday Grain Comments 03/26 10:50

DTN Midday Grain Comments 03/26 10:50 Corn, Soybean, Wheat Futures Lower at Midday Tuesday Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are 6 to 8 cents lower; wheat futures are 6 to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are 6 to 8 cents lower; wheat futures are 6 to 9 cents lower. The U.S. stock market is firmer at midday with the S&P 15 points higher. The U.S. Dollar Index is 3 points lower. The interest rate products are mostly lower. Energies have crude .25 lower and natural gas narrowly mixed. Livestock trade has cattle sharply lower, and hogs higher. Precious metals are mixed with gold up 2.50. CORN: Corn futures are 1 to 2 cents lower at midday with early strength fading as we remain solidly rangebound. Ethanol margins should stay within the recent range with corn and unleaded staying rangebound as driving demand picks up a bit ahead of Easter, which should be reflected on the weekly report Wednesday. Basis looks to remain flat in the short term until farmers return to fieldwork with recent and pending weather systems likely to limit pace into early April. Early second crop corn should continue to progress in Brazil with better near-term moisture expected. On the May chart, the 20-day moving average at $4.35 is nearby support with the Upper Bollinger Band at $4.47 the next round up. SOYBEANS: Soybean futures are 6 to 8 cents lower at midday with trade still struggling to consolidate above $12.00 up front with light product weakness so far. Meal is 1.00 to 2.00 lower and oil is 45 to 55 points lower. South American weather is showing little short-term change as harvest moves on in Brazil with Argentina getting deeper into the growing season without any fresh issues. Basis should remain flat in the short term, domestically. May soybeans have support at the 20-day moving average at $11.80. The $12.26 Upper Bollinger band is the next level of resistance above the fresh high at $12.26 3/4 scored last week above that. WHEAT: Wheat futures are 6 to 9 cents lower at midday with trade fading back to nearby support levels after failing again to hold the upper end of the range Monday along with world values fading a bit. The Plains will see cooler temps in the short term, stressing jointing wheat in Kansas with more seasonal weather returning toward the end of the week. The dollar is fading back a little from the upper end of the range, with MATIF wheat holding above $200 a ton with midday weakness. On the KC May chart, support is at the 20-day moving average at $5.80 which we are just above at midday. Resistance is the Upper Bollinger Band at $6.03. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.