DTN Midday Grain Comments     03/27 12:33

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

   Corn futures are 2 to 3 cents lower at midday Thursday; soybean futures are 
14 to 15 cents higher; wheat futures are flat to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Thursday; soybean futures are 
14 to 15 cents higher; wheat futures are flat to 6 cents lower. The U.S. stock 
market is mixed with the S&P 9 points higher. The U.S. Dollar Index is 25 
points lower. The interest rate products are weaker. Energy trade is mixed with 
crude .25 higher and natural gas off .03. Livestock trade is mostly lower. 
Precious metals are mixed with gold up 45.00.

CORN:

   Corn futures are 2 to 3 cents lower with trade grinding closer to the low 
end of the recent range with softer spread action and position-squaring as we 
head toward Monday. Ethanol margins look to remain rangebound with blenders 
getting a smaller boost from seasonal demand starting to pick up. Weekly export 
sales remained solid at 1.040 million metric tons (mmt). Basis is expected to 
keep a sideways-to-firmer trend into April with soft futures action adding 
support along with the start of spring fieldwork. Weather looks to keep 
double-crop establishment in Brazil progressing along. On the May chart, the 
20-day moving average at $4.61 is resistance with the recent low at $4.42 1/4 
as support.

SOYBEANS:

   Soybean futures are 14 to 15 cents higher with oil turning sharply higher on 
biodiesel blending optimism to lead the product complex Thursday morning as we 
press through nearby resistance. Meal is 1.00 to 2.00 higher and oil 150 to 160 
points higher. South American weather looks to remain cooperative for the 
finish to the growing season as harvest moves forward. Weekly export sales 
remained soft at 338,500 metric tons (mt) old-crop; 165,600 of meal; and 44,500 
of oil. 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 $10.11, which we 
are above at midday, with the recent low at $9.91 as support.

WHEAT:

   Wheat futures are flat to 6 cents lower with Minneapolis trade leading at 
midday as we work to consolidate the lower end of the range with early buying 
fading again. Normal to slightly above temps for the Plains look to continue 
while sandwiched around a front passing this weekend for the eastern Plains and 
better rains expected the second week. MATIF wheat is sharply lower again as 
the dollar fades after early strength. Weekly export sales were soft at 100,300 
mt old-crop and 11,200 mt of new. On the KC May chart, resistance is the 20-day 
moving average at $5.76, after we faded below it earlier in the week, with the 
next level of support the Lower Bollinger Band at $5.47.

   **

   Join us for DTN's webinar at 12:30 p.m. CDT on Monday, March 31, as we 
discuss USDA's estimates of 2025 acreage and quarterly grain stocks, and what 
they may imply for the market moving forward. Questions are welcome, and 
registrants will receive a replay link for viewing at their convenience. 
Register here for Monday's Prospective Plantings and Grain Stocks reports 
webinar: https://ag.dtn.com/ag-25-grain-stocks-wbr-registration .

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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