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DTN Midday Grain Comments     03/27 10:58

   Corn, Soybean Futures Lower at Midday Wednesday; Wheat Mixed

   Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 
6 to 8 cents lower; wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 
6 to 8 cents lower; wheat futures are narrowly mixed. The U.S. stock market is 
mixed at midday with the S&P 12 points higher. The U.S. Dollar Index is 9 
points higher. The interest rate products are firmer. Energies have crude .10 
lower and natural gas .07 lower. Livestock trade is mixed. Precious metals are 
mixed with gold up 11.50.

CORN:

   Corn futures are 3 to 4 cents lower at midday with further selling 
continuing after trade faded through nearby support levels Tuesday on 
pre-report position squaring. On the stocks and acres report Thursday, trade is 
looking for stocks at 8.427 billion bushels (bb) and 91.8 million acres. 
Ethanol margins should stay within the recent range with the weekly report 
showing production up by 8,000 barrels per day (bpd) and stocks up by 83,000 
barrels. Basis has showed some life with fieldwork expansion just around the 
corner. Early second crop corn should continue to progress in Brazil with 
better near-term moisture expected. On the May chart, the 20-day moving average 
at $4.35 is nearby resistance after fading through it Tuesday with the Lower 
Bollinger Band at $4.24 as support.

SOYBEANS:

   Soybean futures are 6 to 8 cents lower at midday with trade again fading 
from the $12.00 area nearby with oil the downside leader in the product 
complex. Meal is narrowly mixed and oil is 75 to 85 points lower. South 
American weather is showing little short-term change as harvest moves on in 
Brazil with Argentina getting deeper into the growing season without any fresh 
issues. On the report, trade is looking for 86.53 million acres planted and 
stocks at 1.828 bb. Basis should remain flat in the short term domestically. 
The May soybeans have support at the 20-day moving average at $11.82. The 
$12.26 Upper Bollinger band is the next level of resistance above the fresh 
high at $12.26 3/4 scored last week above that.

WHEAT:

   Wheat futures are narrowly mixed with trade chopping around the lower end of 
the range with some light buying interest showing up during the day session. On 
the report, trade is looking for 47.33 million acres and stocks at 1.044 bb. 
The plains will see cooler temps in the short term, stressing jointing wheat in 
Kansas with more seasonal weather returning toward the end of the week. The 
dollar is moving back toward the upper end of the range, with MATIF wheat 
holding above $200 a ton with light midday weakness. On the KC May chart, 
resistance is at the 20-day moving average at $5.80, which we are just below at 
midday. Support is the Lower Bollinger Band at $5.58.

   David Fiala can be reached at dfiala@futuresone.com. 

   Follow him on X, formerly Twitter, @davidfiala.




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