| |
DTN Midday Grain Comments 03/23 10:50
Corn, Wheat Futures Lower at Midday Monday; Soybeans Flat-Higher
Corn futures are 7 to 8 cents lower at midday Monday; soybean futures are
flat to 1 cents higher; wheat futures are 8 to 14 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 7 to 8 cents lower at midday Monday; soybean futures are
flat to 1 cents higher; wheat futures are 8 to 14 cents lower. The U.S. stock
market is sharply higher at midday with the S&P 130 points higher. The U.S.
Dollar Index is 60 points lower. The interest rate products are firmer. Energy
trade is sharply lower with crude off 11.30 and natural gas .17 lower.
Livestock trade is firmer with feeders leading. Precious metals are mixed with
gold off 125.00.
CORN:
Corn futures are 7 to 8 cents lower at midday after two-sided trade as early
strength faded after comments about delaying strikes on Iran's power plants
amid progress in negotiations with trade firming back from the immediate
post-reaction lows. Ethanol margins will continue to bounce in the range as
blenders margins should remain strong into spring. The daily export wire saw
102,000 metric tons sold to Mexico. Weekly export inspections were very strong
at 1.70 million metric tons (mmt) with year-to-date pace at 138%. Basis likely
continues to hold the recent range. New-crop price ratios are favoring beans to
start the day. On the May chart, support is the 20-day moving average at $4.54
with recent high at $4.76.
SOYBEANS:
Soybean futures are flat to 1 cent higher at midday with two-sided action as
meal fades back from the recent highs as we wait for further biofuel and world
event developments. Meal is 2.00 to 3.00 lower and oil is 10 to 20 points
higher. South America progress should continue to see Brazil harvest move more
into export channels as harvest heads toward the homestretch there with
Argentina harvest fast approaching. Basis should stay flat until we see further
futures consolidation and more clarity about short-term demand. The daily
export wire saw 161,120 metric tons sold to Mexico. Weekly export inspections
improved at 1.102 mmt with year-to-date pace at 73%. On the May contract, chart
resistance is $11.78, where we find the 20-day moving average, with the Lower
Bollinger Band at $11.31 as support.
WHEAT:
Wheat futures are 8 to 14 cents lower at midday with action fading again as
we wait for further directions from row crops, weather and international events
in the short term. Weather for the Plains looks to stay warm with the second
week of the forecast looking wetter. Matif wheat is weaker as well to start.
Weekly export inspections remained rangebound at 458,411 metric tons. On the KC
May chart, support is the 20-day moving average at $5.98, 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
(c) Copyright 2026 DTN, LLC. All rights reserved.
No other Daily email offers as much useful Ag information as DTN Snapshot – Sign up Free today!
|
|
