DTN Midday Grain Comments     03/25 10:51

   Corn, Soybean Futures Lower at Midday; Wheat Flat-Lower

   Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 4 
to 5 cents lower; wheat futures are flat to 5 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 4 
to 5 cents lower; wheat futures are flat to 5 cents lower. The U.S. stock 
market is firmer with the S&P 10 points higher. The U.S. Dollar Index is 25 
points lower. The interest rate products are mostly firmer. Energy trade is 
mixed with crude .10 lower with natural gas off .04. Livestock trade is mixed 
with hogs leading. Precious metals are firmer with gold up 12.00.

CORN:

   Corn futures are 5 to 6 cents lower at midday with trade fading back to the 
lower end of the range with softer spread trade. Ethanol margins are expected 
to continue tracking sideways as well with unleaded firming a bit seasonally to 
boost blenders. Basis is expected to firm a bit more into early April as 
fieldwork expands. Double-crop planting in Brazil will wrap up soon with 
weather looking good for early development. On the May chart, the 20-day moving 
average at $4.65 is resistance with the recent low at $4.42 1/4 as support.

SOYBEANS:

   Soybean futures are 4 to 5 cents lower at midday with oil trying to lead the 
product complex as we fade back to the lower end of the range as upside remains 
limited as South American harvest continues to roll forward. Meal is 2.00 to 
3.00 lower and oil is flat to 10 points higher. South America weather looks to 
remains cooperative for the finish to the growing season. The daily export wire 
was quiet as export offers converge for the U.S. and Brazil. Basis is expected 
to remain flat into the end of the month. On the May chart, trade has 
resistance at the 20-day moving average at $10.14 with the recent low at $9.91 
as support.

WHEAT:

   Wheat futures are flat to 5 cents lower at midday with trade fading further 
through nearby support with choppy action continuing with KC the downside 
leader again Tuesday morning. Normal to slightly above-normal temps for the 
Plains this week with better moisture potential for the second week is helping 
to limit upside as well. MATIF wheat is slightly weaker Tuesday. On the KC May 
chart, resistance is the 20-day moving average at $5.79, which we closed below, 
with the next level of support the Lower Bollinger Band at $5.48.

   David Fiala can be reached at [email protected]

   Follow him on social platform X @davidfiala




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