DTN Midday Grain Comments     03/24 10:46

   Corn Futures Flat-Higher at Midday Tuesday; Wheat, Soybeans Flat-Lower

   Corn futures are flat to a penny higher at midday Tuesday; soybean futures 
are 3 to 4 cents lower; wheat futures are flat to 4 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny higher at midday Tuesday; soybean futures 
are 3 to 4 cents lower; wheat futures are flat to 4 cents lower. The U.S. stock 
market is mixed at midday with the S&P 3 points higher. The U.S. Dollar Index 
is 40 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up 3.00 and natural gas .02 higher. Livestock trade is mixed 
with feeders leading. Precious metals are firmer with gold up 4.00.

CORN:

   Corn futures are flat to a penny higher at midday with early gains easing as 
trade continues to hold the recent range with slightly firmer spread action. 
Ethanol margins are seeing support from unleaded firming again Tuesday morning. 
Basis likely continues to hold the recent range. New-crop price ratios are 
favoring beans to start the week. On the May chart, support is the 20-day 
moving average at $4.55 with recent high at $4.76.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower with weaker spread action with meal 
easing again but soyoil catching a bid at midday. Meal is 2.00 to 3.00 lower 
and oil is 30 to 40 points higher. South America progress should continue to 
push more bushels on to the world stage as Brazil hits the homestretch for 
harvest. Basis should stay flat until we see further futures consolidation and 
more clarity about short-term demand. On the May contract, chart resistance is 
$11.78, where we find the 20-day moving average, with the Lower Bollinger Band 
at $11.32 as support.

WHEAT:

   Wheat futures are flat to 4 cents lower at midday as we back off the early 
overnight gains again with Minneapolis trade leading and little other fresh 
news. Weather for the Plains looks to stay warm with the second week of the 
forecast looking wetter. Matif wheat is lightly weaker again Tuesday despite 
the weaker euro. On the KC May chart, support is the 20-day moving average at 
$6.01, which we are testing at midday, 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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