DTN Midday Grain Comments 03/24 10:53

DTN Midday Grain Comments 03/24 10:53 Corn, Soybeans Lower at Midday; Wheat Steady-Lower Corn futures are 8 to 11 cents lower at midday Thursday; soybean futures are 9 to 11 cents lower; wheat futures are flat to 16 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the DOW futures 225 points higher. The U.S. Dollar Index is 10 higher. Interest rate products are weaker. Energies are mostly lower with crude down 1.90. Livestock trade is mixed with cattle firmer and hogs weaker. Precious metals are higher with gold up 26.50. CORN: Corn future are 8 to 11 cents lower at midday with two-sided trade early giving way to softer action during the day session as trade works to consolidate in the upper end of the range. December corn remains near the fresh highs scored at $6.80 on Wednesday with action working to hold acres as we head towards the planted acres report next week along with early planting in the South. Ethanol margins will remain tight with the stocks overhang needing to be cleaned up into summer. Weekly export sales were a bit softer at 979,500 metric tons (mt) of old crop, and 6,100 of new. On the May chart we have support at the 20-day moving average at $7.40 with resistance at the March 4 contract high at $7.82 3/4. SOYBEANS: Soybean futures are 9 to 11 cents lower at midday with trade bouncing back from the overnight selling at times. But we have been unable to support action as trade fades back towards $17.00 nearby. Meal is flat to $1.00 higher and oil is 120 to 130 points lower. Weekly export sales were softer at 412,200 mt of old crop, -13,000 mt of new, with meal at 260,700 mt and oil at -2,000. Energies continue to add support to trade, along with strong world veg oil values, albeit turning softer at midday with South American harvest pushing ahead. The U.S. remains competitive on the world market at the upper end of the range. On the May soybean chart, we have resistance at Wednesday's high of $17.36, then the contract high at $17.59. Chart support is at the 20-day moving average at $16.70. WHEAT: Wheat futures are flat to 16 cents lower at midday with trade failing to hold rebounds as spread action remains soft and liquidity poor. Minneapolis is leading action with KC back to a dime premium versus Chicago and Minneapolis. Plains weather looks to be closer to seasonal norms in the short term after the recent rains for many, which can limit short-term upside along with the dollar staying near the high. Weekly export sales were in line with recent week at 155,700 mt old crop and 367,300 mt of new. The KC May chart has support at the 20-day moving average at $10.97 and resistance the upper Bollinger Band at $12.58, then the recent March 7 high at $11.57. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.