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DTN Midday Grain Comments 03/18 11:00
Soybean, Wheat Futures Higher at Midday; Corn Flat-Lower
Corn futures are flat to 1 cent lower at midday; soybean futures are 1 to 2
cents higher; wheat futures are 5 to 10 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are flat to 1 cent lower at midday; soybean futures are 1 to 2
cents higher; wheat futures are 5 to 10 cents higher. The U.S. stock market is
weaker with the S&P 70 points lower. The U.S. Dollar Index is 10 points higher.
The interest rate products are mixed. Energy trade is firmer with crude .05
higher with natural gas .08 higher. Livestock trade is weaker. Precious metals
are firmer with gold up 33.00.
CORN:
Corn futures are flat to 1 cent lower at midday with two-sided action in the
lower part of the recent range with spread action a bit softer and little fresh
news. Ethanol margins will remain tight with better spring demand needed to
boost blending. Basis is expected to stay rangebound in the short term with
fieldwork picking up even with the coming storm. Double-crop planting in Brazil
is heading toward the homestretch. On the May chart, the 20-day moving average
at $4.75 is resistance with the recent low at $4.42 1/4 as support.
SOYBEANS:
Soybean futures are 1 to 2 cents higher at midday with oil leading the
product complex with overall rangebound action continuing. Meal is 3.00 to 4.00
lower and oil is 60 to 70 points higher. South America has little change
expected in near-term weather patterns as harvest progresses in line with the
recent average. Basis is expected to remain flat to softer through midmonth. On
the May chart, trade has resistance at the 20-day moving average at $10.26 with
the recent low at $9.91 as support.
WHEAT:
Wheat futures are 5 to 10 cents higher with KC action leading as trade works
to consolidate the push through resistance we got Monday. Warmer weather is
expected to continue into the midweek storm with the extended forecast drier
for the Plains. MATIF wheat is flat to higher as it works to hold gains as well
with the weaker euro adding a bit of support. On the KC May chart, support is
the 20-day moving average at $5.87, which we have popped above Monday, with the
next level of resistance the Upper Bollinger Band at $6.39.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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