DTN Midday Grain Comments 03/14 11:05

DTN Midday Grain Comments 03/14 11:05 Corn Lower; Soybeans and Wheat Higher Midday Corn trade is 14 to 17 cents lower, beans are 5 to 6 cents higher and wheat is 4 to 14 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the Dow 340 points higher. The dollar index is 0.38 lower. Interest rate products are weaker. Energies are weaker with crude down $8.30. Livestock trade is mostly higher. Precious metals are weaker with gold down $24.00. CORN: Corn trade is 14 to 17 cents lower at midday Monday with early gains fading again as we work to consolidate the upper end of the range, and softer spread trade again and spillover pressure from energies on China lockdown concerns. Ethanol margins will remain tight as we see how driving demand holds up, along with plant maintenance slowing grind short term. The daily wire has seen limited reports in recent days with another small old crop sale of 159,000 metric tons old crop to Mexico. Weekly export inspections were a bit softer at 1.145-million-metric-ton range. Basis will continue to trend lower until trade starts to calm down and more steady action the last few days with freight still backlogged on existing sales. Trade will continue watching South American weather as we head into second-crop development while corn looks to be defending acres in the U.S. ahead of planting. On the May contract, we have support at the 20-day moving average at $7.05 with resistance at the fresh high at $7.82 3/4 hit last Friday. SOYBEANS: Soybean trade is 5 to 6 cents higher with trade fading from the initial surge higher again with Argentina suspending export registrations while they redo the export tax guidelines into spring, and the forecast remains mostly stable short term. Meal is $10.00 to $11.00 higher and oil is 1.50 cents to 1.60 cents lower. Basis is back to trending sideways for now. The active daily export sales wire is expected to continue short term, especially for new crop with today quiet. Harvest is under way in South America with weather remaining mixed, and the U.S. holding some export competitiveness short term with weekly export inspections remaining rangebound at 772,719 metric tons. On the May soybean chart, we have resistance at the fresh high at $17.59 with trade well above the 20-day at $16.42 support. WHEAT: Wheat trade is 6 to 14 cents higher with Chicago action the weakest so far as volatile trade continues with 35 cents lower to 35 cents higher action seen, and rumors of further Russian export restrictions while light loading had resumed out of the Black Sea area. Limits are 85 cents Monday for winter wheat. The dollar is backing off the highs a bit as well to boost U.S. export competitiveness on a dollar basis. Most the of Plains wheat looks warmer and drier short term with only eastern Kansas potentially seeing more favorable action. Chicago is expected to remain the highest priced nearby contract with a 13-cent premium to KC. Weekly export inspections were a bit soft at 282,344 metric tons. KC May chart support is the low from Thursday at $10.40 with resistance the 12.99 1/2 fresh high. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.