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DTN Midday Grain Comments     03/28 10:51

   Corn, Soybean Futures Lower at Midday Thursday; Wheat Mixed

   Corn futures are 3 to 4 cents lower at midday Thursday; beans are 6 to 8 
cents lower and wheat trade is narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower midday Thursday; beans are 6 to 8 cents 
lower and wheat trade is narrowly mixed. The U.S. stock market is mixed at 
midday with the S&P 5 points higher. The dollar index is 12 points higher. The 
interest rate products are firmer. Energies have crude 1.20 higher and natural 
gas 0.01 firmer. Livestock trade is mixed. Precious metals are firmer with gold 
up 22.50.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade drifting along 
until the Stocks and Acres report release at 11 a.m. CDT. The stocks and acres 
report 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 
unleaded helping blender margins a bit Thursday morning. Weekly export sales 
remained solid at 1.21 million metric tons (mmt) old crop, and 126,400 new. 
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 at $4.35 is nearby 
resistance after fading through it Wednesday with the Lower Bollinger Band at 
$4.24 as support with the contract low at $4.08 3/4 cents below that.

SOYBEANS:

   Soybean futures are 6 to 8 cents lower at midday with trade fading back 
towards nearby support in pre-report action with mostly weaker product action. 
Meal is 4.50 to 5.50 lower and oil is 20 to 30 cents 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.  
Some local estimates for Brazil are starting to edge back higher. Trade is 
looking for 86.53 million acres planted and stocks at 1.828 bb on the USDA 
report. Weekly export sales edged lower at 263,900 metric tons old, crop, 
120,000 new with meal at 127,300 old, 1,200 new and 6,000 of oil. Basis should 
remain flat short-term domestically. The May soybeans have support at the 
20-day moving average at $11.85 which we are testing at midday. The $12.24 
Upper Bollinger band is the next level of resistance just below the fresh high 
at $12.26 3/4 scored last week above that.

WHEAT:

   Wheat futures are narrowly mixed in quiet trade midday with action working 
just below nearby resistance levels on KC with spillover action from row crops 
likely to drive action later Thursday. Trade is looking for 47.33 million acres 
and stocks at 1.044 bb on the USDA report. The plains will see cooler 
temperatures exit into the weekend with better moisture in the second week 
forecast. The dollar is moving back towards the upper end of the range with 
further strength Thursday, with MATIF wheat holding above $200 a ton easing 
back off the overnight highs. Weekly export sales showed improvement at 339,600 
metric tons old crop, and 212,800 of new crop. On the KC May Chart, resistance 
is at the 20-day moving average at $5.79 which we are just above 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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