DTN Midday Grain Comments 03/25 10:53

DTN Midday Grain Comments 03/25 10:53 Corn, Soybean Futures Higher at Midday; Wheat Mixed Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 1 to 2 cents higher; wheat futures are 1 cent lower to 4 cents higher at midday. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is flat with the DOW futures 20 points lower. The U.S. Dollar Index is 10 points lower. Interest rate products are weaker. Energies are mostly higher with crude up .70. Livestock trade is mostly higher with hogs leading. Precious metals are weaker with gold down 2.50. CORN: Corn futures are 1 to 2 cents higher with two-sided trade again with buyers or sellers are unable to sustain moves with little fresh news and flat to firmer spread action so far. December corn is settling into a $6.60 to $6.70 range with action working to hold acres as we head towards the planted acres report next week, along with early planting in the south with continued moisture for much of the belt in the short term. Ethanol margins will remain tight with the stocks overhang needing to be cleaned up into summer. On the May chart we have support at the 20-day moving average at $7.42 with resistance at the March 4 contract high at $7.82 3/4. SOYBEANS: Soybean futures are 1 to 2 cents higher with nearby action fading back towards $17.00 in two-sided action and new crop just below $15.00, keeping the recent ranges intact. Meal is flat to $1.00 higher and oil is 30 to 40 points higher. USDA announced 132,000 metric tons (mt) of old-crop soybeans sold to China. Energies are off the lows, moving oil back toward the lead on the product complex while South American harvest continues to move forward as trade looks to see where short-term export business trends. On the May soybean chart, we have resistance at Thursday's high of $17.36, then the contract high at $17.59. Chart support is at the 20-day moving average at $16.75. WHEAT: Wheat futures are 1 cent lower to 4 cents higher at midday with trade continuing to see volatile action with early strength giving way to a test of support 20 cents lower before recovering to firmer trade at times during the day session so far as liquidity remains an issue. Winter wheats are leading with KC back to a 9-cent premium versus Chicago and 17 cents versus 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. The KC May chart has slipped below the 20-day moving average at $11.07, with support the recent low at $10.35. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.