DTN Midday Grain Comments     03/31 10:45

   Wheat Futures Higher at Midday Tuesday; Corn Lower; Soybeans Mixed

   Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are 
narrowly mixed; wheat futures are 7 to 17 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are 
narrowly mixed; wheat futures are 7 to 17 cents higher.  The U.S. stock market 
is sharply higher at midday with the S&P 90 points higher. The U.S. Dollar 
Index is 50 points lower. The interest rate products are firmer. Energy trade 
is mixed with crude up .80 and natural gas unchanged. Livestock trade is mostly 
higher with cattle leading. Precious metals are firmer with gold up 95.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday with trade drifting lower 
toward as we near the USDA reports with the overall range continuing to hold. 
Trade is looking for 9.104 billion bushels (bb) of corn stocks versus 8.147 bb 
last year and 94.371 million corn acres versus 98.788 million last year. 
Ethanol margins should remain solid in the short term with unleaded continuing 
to support blender margins. Basis likely continues to hold the recent range. 
New-crop price ratios continued to edge toward soybeans to start the week. On 
the May chart, resistance is the 20-day moving average at $4.59 with the lower 
Bollinger Band at $4.46 as support.

SOYBEANS:

   Soybean futures are narrowly mixed with trade staying rangebound heading 
toward the report with oil continuing to lead the product complex. Meal is flat 
to 1.00 higher and oil is narrowly mixed. On the report, trade is looking for 
stocks at 2.063 bb versus 1.911 bb last year and acres at 85.55 million versus 
81.215 million last year. South America progress should remain on or ahead of 
pace with more bushels coming onto the world market. Basis should stay flat in 
the short term with nearby availability remaining good for end users. On the 
May contract, chart resistance is $11.78, where we find the 20-day moving 
average, with the Lower Bollinger Band at $11.32 as support.

WHEAT:

   Wheat futures are 7 to 17 cents higher with the winter wheats stronger as we 
continue to hold rangebound action ahead of the report with limited row-crop 
spillover so far. On the report, trade is looking for 1.295 bb of stocks versus 
1.237 bb last year, and acres at 44.786 million versus 45.328 million last 
year. Weather for the Plains looks to cool midweek with rains to the east with 
the second week warmer again. Matif wheat is lightly higher. On the KC May 
chart, support is the 20-day moving average at $6.15 with resistance the recent 
high at $6.47 1/2.

    

   **

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   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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