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DTN Midday Grain Comments 03/27 10:51 Soybean, Wheat Futures Higher at Midday; Corn Mixed Corn futures are narrowly mixed Monday at midday; soybean futures are 8 to 10 cents higher; wheat futures are 7 to 14 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed Monday at midday; soybean futures are 8 to 10 cents higher; wheat futures are 7 to 14 cents higher. The U.S. stock market is mixed with the S&P up 10 points. The U.S. Dollar Index is 10 points lower. Interest rate products are mixed. Energies are mixed with crude up 1.55 and natural gas off 11 cents. Livestock trade is sharply higher. Precious metals are weaker with gold off 25.00. CORN: Corn futures are narrowly mixed at midday with slightly weaker spread action as trade tries to consolidate the gains from the end of last week, as well as positioning as we head toward Stocks and Acreage reports at the end of the week. Ethanol margins will need more help from unleaded to boost blender action with a good start to the week so far as spring driving demand picks up. Basis has continued to generally drift back higher. The daily export wire showed 112,800 metric tons (mt) sold to unknown destinations. Weekly export inspections were disappointing at 666,325 mt. The second crop in Brazil is heading toward the better part of the growing season with trade watching forecasts into April for development with some concerns on the horizon in Central Brazil short term. On the May chart we are solidly above the 20-day moving average, which is now support at $6.30, and resistance is at the $6.45 high printed this Friday. SOYBEANS: Soybean futures are 8 to 10 cents higher at midday with weaker spread action as trade works to ease the oversold conditions from the midmonth weakness as Brazil pushes through harvest and oil tries to lead the product complex. Meal is $2.00 to $3.00 lower and oil is 100 to 110 points higher. With South American new-crop beans becoming available, export news has remained limited. Weekly export inspections were decent, seasonally, at 888,707 mt. China values have seen pressure as well with swine fever demand questions short term. Basis has generally remained solid short term with the market still showing a substantial inverse even with recent narrowing. May chart resistance is now at the lower Bollinger Band at $14.22, which we have pushed back above at midday, with support at the $14.05 fresh low scored Friday. WHEAT: Wheat futures are 7 to 14 cents higher with mixed spread action to start the week as spring wheat leads with trade working to consolidate the Friday strength as KC works back into the middle of the calendar-year range. Weather will continue to support KC action with the western Plains to continue to struggle with moisture to the east, while early spring wheat progress will be limited. The dollar remains toward the lower end of the range, while Matif wheat turns higher as well to support Chicago action. Little other change is noted on the world scene for now as India presses into harvest and other Northern Hemisphere weather issues are limited for now. Weekly export inspections improved a bit at 392,484 mt. On the KC May Chart the 20-day moving average is support at $8.16, with the Friday high at $8.61 1/4 becoming resistance; these are being tested at midday. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.