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DTN Midday Grain Comments     03/04 10:49

   Corn, Soybean and Wheat Futures All Lower at Midday Wednesday

   Corn futures are 5 to 6 cents lower at midday Wednesday; soybean futures are 
1 to 2 cents lower; wheat futures are 6 to 8 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Wednesday; soybean futures are 
1 to 2 cents lower; wheat futures are 6 to 8 cents lower. The U.S. stock market 
is firmer at midday with the S&P 55 points higher. The U.S. Dollar Index is 20 
points lower. The interest rate products are weaker. Energy trade is softer 
with crude off .55 and natural gas is off .15. Livestock trade is firmer with 
cattle sharply higher. Precious metals are firmer with gold 27.00 higher.

CORN:

   Corn futures are 5 to 6 cents lower at midday with action fading back toward 
nearby support as the broad commodity risk on trade slows after the fast start 
to the week. The weekly ethanol report showed production 18,000 barrels per day 
(bpd) lower, with stocks up by 700,000 barrels. The daily export wire saw 
125,000 metric tons (mt) sold to unknown for old crop, with weekly sales 
expected to be in the 600,000 to 800,000 mt range. Basis likely remains 
sideways in the short term. New-crop price ratios have stayed flat today. On 
the May chart, support is the 20-day moving average at $4.40 with fresh high at 
$4.52 1/2.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower with trade chopping just off the high 
end of the range as we ease overbought conditions with oil gains slowing. Meal 
is 2.50 to 3.50 lower and oil is 10 to 20 points higher. South America should 
see little change in the short term as Brazil harvest rolls forward. Basis will 
likely remain flat barring a bigger shipping pace increase in the face of 
Brazil harvest. The daily wire was quiet again with weekly sales expected to be 
in the 400,000 to 600,000 mt range Thursday. On the May contract chart, support 
is $11.46 1/4, where we find the 20-day moving average, with the fresh high at 
$11.85 as resistance.

WHEAT:

   Wheat futures are 6 to 8 cents lower with trade fading off the upper end of 
the range further in the broad early risk-off action, with KC continuing to 
reestablish the premium to Chicago while the dollar eases back from the highs. 
Weather for the Plains looks to stay warm through this week with the moisture 
concentrated to the east into the weekend before it is expected to broaden the 
second week. Weekly export sales are expected to be in the 250,000 to 450,000 
mt range. Matif wheat is sharply weaker this morning. On the KC May chart, 
support is the 20-day moving average at $5.62 with resistance the fresh high at 
$5.90 3/4.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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