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DTN Midday Grain Comments 03/17 10:51
Corn, Wheat Futures Higher at Midday; Soybeans Lower
Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are 1
to 2 cents lower; wheat futures are 15 to 21 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are 1
to 2 cents lower; wheat futures are 15 to 21 cents higher. The U.S. stock
market is mixed with the S&P 10 points higher. The U.S. Dollar Index is 30
points lower. The interest rate products are firmer. Energy trade is mixed with
crude .20 higher with natural gas .05 lower. Livestock trade is firmer with
hogs leading. Precious metals are mixed with gold up 2.00.
CORN:
Corn futures are 3 to 4 cents higher with back-and-forth trade continuing
and spread action firmer to start as we move back to the middle of the recent
range. Ethanol margins will remain tight with better spring demand needed to
boost blending. Weekly export inspections were strong at 1.659 million metric
tons (mmt) with year-to-date pace holding at 133%. Basis is expected to stay
rangebound in the short-term with fieldwork to start picking up. On the May
chart, the 20-day moving average at $4.78 is resistance with the recent low at
$4.42 1/4 as support.
SOYBEANS:
Soybean futures are 1 to 2 cents lower with light, two-sided action so far
Monday with product action following suit as grains show better initial
strength to add some spillover support. Meal is .50 to 1.50 lower and oil is 55
to 65 points higher. South America has little change expected in near-term
weather patterns as harvest progresses. Weekly export inspections were OK,
seasonally, at 646,667 metric tons (mt) with year-to-date pace at 109%. Basis
is expected to remain flat to softer through midmonth. On the May chart, trade
has resistance at the 20-day moving average at $10.28 with the recent low at
$9.91 as support, which we held Monday.
WHEAT:
Wheat futures are 15 to 21 cents higher at midday with trade popping back
through nearby resistance with weather and world events adding a bit of premium
again with action in the Gulf. Warmer weather is expected to continue ahead of
a midweek storm with the extended forecast drier for the Plains. MATIF wheat is
firmer as well with trade working to build back off the lower end of the range.
Weekly export inspections were solid at 492,658 mt with year-to-date pace at
118% of last year. On the KC May chart, resistance is the 20-day moving average
at $5.91, which we have popped above overnight, with support at the recent low
at $5.41.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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