DTN Midday Grain Comments 03/27 10:58

DTN Midday Grain Comments 03/27 10:58 Corn, Soybean Futures Lower at Midday Wednesday; Wheat Mixed Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 6 to 8 cents lower; wheat futures are narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 6 to 8 cents lower; wheat futures are narrowly mixed. The U.S. stock market is mixed at midday with the S&P 12 points higher. The U.S. Dollar Index is 9 points higher. The interest rate products are firmer. Energies have crude .10 lower and natural gas .07 lower. Livestock trade is mixed. Precious metals are mixed with gold up 11.50. CORN: Corn futures are 3 to 4 cents lower at midday with further selling continuing after trade faded through nearby support levels Tuesday on pre-report position squaring. On the stocks and acres report Thursday, trade is looking for stocks at 8.427 billion bushels (bb) and 91.8 million acres. Ethanol margins should stay within the recent range with the weekly report showing production up by 8,000 barrels per day (bpd) and stocks up by 83,000 barrels. Basis has showed some life with fieldwork expansion just around the corner. 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 resistance after fading through it Tuesday with the Lower Bollinger Band at $4.24 as support. SOYBEANS: Soybean futures are 6 to 8 cents lower at midday with trade again fading from the $12.00 area nearby with oil the downside leader in the product complex. Meal is narrowly mixed and oil is 75 to 85 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. On the report, trade is looking for 86.53 million acres planted and stocks at 1.828 bb. Basis should remain flat in the short term domestically. The May soybeans have support at the 20-day moving average at $11.82. 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 narrowly mixed with trade chopping around the lower end of the range with some light buying interest showing up during the day session. On the report, trade is looking for 47.33 million acres and stocks at 1.044 bb. 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 moving back toward the upper end of the range, with MATIF wheat holding above $200 a ton with light midday weakness. On the KC May chart, resistance is at the 20-day moving average at $5.80, which we are just below at midday. Support is the Lower Bollinger Band at $5.58. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.