DTN Midday Grain Comments     03/13 10:47

   Soybean Futures Lower at Midday Friday; Wheat Higher; Corn Mixed

   Corn futures are narrowly mixed at midday Friday; soybean futures are 9 to 
10 cents lower; wheat futures are 9 to 14 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Friday; soybean futures are 9 to 
10 cents lower; wheat futures are 9 to 14 cents higher. The U.S. stock market 
is mixed at midday with the S&P 15 points lower. The U.S. Dollar Index is 45 
points higher. The interest rate products are firmer. Energy trade is mixed 
with crude up .10 and natural gas .09 lower. Livestock trade have turned weaker 
after early strength. Precious metals are weaker with gold off 55.00.

CORN:

   Corn futures are narrowly mixed with trade looking to drift into the weekend 
as recent action consolidates while we wait for further world event 
developments. Unleaded values continue to support blending for retailers, which 
should keep production strong as long as driving demand continues to hold up 
into spring. Basis likely weakens in the short term as we sort outside 
influences out. New-crop price ratios continue to shift toward beans, but corn 
has regained a bit of ground as we near the weekend. On the May chart, support 
is the 20-day moving average at $4.47 with fresh high at $4.76.

SOYBEANS:

   Soybean futures are 9 to 10 cents lower at midday with trade fading back 
from the top end of the range again with deeply overbought conditions across 
the entire soy complex. Meal is 2.50 to 3.50 lower and oil is flat to 10 points 
lower. South America should continue to see Brazil harvest move forward with 
little change in Argentine conditions. Basis should stay flat as the futures 
rally slows. On the May contract, chart support is $11.75, where we find the 
20-day moving average, with the fresh high at $12.38 1/2 as resistance.

WHEAT:

   Wheat futures are 9 to 14 cents higher at midday with more of a range 
developing as trade waits for further weather developments and direction from 
row crops. Weather for the Plains looks to stay warm into the second half of 
the month with the west likely to remain drier. Matif wheat is flat Friday 
morning. On the KC May chart, support is the 20-day moving average at $5.84 
with resistance the fresh high at $6.47 1/2.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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