DTN Midday Grain Comments     03/12 10:46

   Corn, Soybean, Wheat Futures All Higher at Midday Thursday

   Corn futures are 6 to 7 cents higher at midday Thursday; soybean futures are 
20 to 22 cents higher; wheat futures are 9 to 15 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents higher at midday Thursday; soybean futures are 
20 to 22 cents higher; wheat futures are 9 to 15 cents higher. The U.S. stock 
market is weaker at midday with the S&P 85 points lower. The U.S. Dollar Index 
is 45 points higher. The interest rate products are weaker. Energy trade is 
sharply higher with crude up 9.50, and natural gas up .05. Livestock trade is 
mixed with live cattle leading. Precious metals are weaker with gold off 44.00.

CORN:

   Corn futures are 6 to 7 cents higher at midday with trade continuing to move 
back toward the upper end of the range with tailwinds from energies. Unleaded 
values continue to support blending for retailers, which should keep production 
strong. Weekly export sales were solid at 1.531 million metric tons (mmt). 
Basis likely weakens in the short term as we sort outside influences out. 
New-crop price ratios continue to shift toward beans but corn is holding its 
own through midweek. On the May chart, support is the 20-day moving average at 
$4.46 with fresh high at $4.76.

SOYBEANS:

   Soybean futures are 20 to 22 cents higher with trade taking out the Sunday 
night spike highs and meal leading products so far today. Meal is 4.50 to 5.50 
higher and oil is 115 to 125 points higher. South America progress should 
continue to see Brazil harvest move forward with little change in Argentina. 
Basis will likely remain flat to softer with the futures rally continuing. 
Weekly export sales remain soft at 456,700 metric tons (mt), meal at 166,700 
and -2,800 of oil. On the May contract, chart support is $11.72 1/4, where we 
find the 20-day moving average, with the fresh high at $12.38 1/2 as resistance.

WHEAT:

   Wheat futures are 9 to 15 cents higher at midday with winter wheat action 
leading as we try to consolidate back into the upper end of the range after 
losing momentum early in the week. Weather for the Plains looks to stay warm 
into the second half of the month with the west likely to remain drier. Matif 
wheat is solidly higher at midmorning as well. Weekly export sales were solid 
at 455,400 mt of old crop and 40,400 mt of new. On the KC May chart, support is 
the 20-day moving average at $5.82 with resistance the fresh high at $6.47 1/2.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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