DTN Midday Grain Comments     03/27 10:44

   Corn, Soybean Futures Lower at Midday Friday; Wheat Higher

   Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 7 
to 8 cents lower; wheat futures are 2 to 8 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 7 
to 8 cents lower; wheat futures are 2 to 8 cents higher. The U.S. stock market 
is weaker at midday with the S&P 45 points lower. The U.S. Dollar Index is 11 
points higher. The interest rate products are mixed. Energy trade is firmer 
with crude up 3.50 and natural gas .06 higher. Livestock trade is firmer with 
cattle leading. Precious metals are firmer with gold up 165.00.

CORN:

   Corn futures are 1 to 2 cents lower at midday as we back off the upper end 
of the range again in quiet midday action as we head toward the weekend 
awaiting further world developments. Ethanol margins should remain solid with 
the summer E15 waivers along with coming Easter travel. Basis likely continues 
to hold the recent range. New-crop price ratios continued to edge toward 
soybeans this week. On the May chart, support is the 20-day moving average at 
$4.58 with recent high at $4.76.

SOYBEANS:

   Soybean futures are 7 to 8 cents lower at midday with early gains fading as 
we wait for the biofuel targets expected to be released before the close 
Friday. Meal is 2.50 to 3.50 lower and oil is 5 to 15 points higher. South 
America progress should remain on or ahead of pace with more bushels coming 
onto the world market. Basis should stay flat in the short term with nearby 
availability remaining good for end users. The daily export wire saw 105,000 
metric tons sold to unknown destinations. On the May contract, chart resistance 
is $11.79 where we find the 20-day moving average with the Lower Bollinger Band 
at $11.32 as support.

WHEAT:

   Wheat futures are 2 to 8 cents higher with KC action continuing to lead as 
we migrate back into the upper end of the range again as we look for a strong 
close to the week. Weather for the Plains looks to stay warm into the second 
half of the month with the second week of the forecast looking wetter 
especially for the eastern growing areas. Matif wheat is weaker Friday despite 
the weaker euro. On the KC May chart, support is the 20-day moving average at 
$6.09 with resistance the recent high at $6.47 1/2.

    

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   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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