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DTN Midday Grain Comments 03/11 10:56
Corn, Soybean, Wheat Futures All Higher at Midday Wednesday
Corn futures are 6 to 7 cents higher at midday Wednesday; soybean futures
are 18 to 20 cents higher; wheat futures are 5 to 7 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 6 to 7 cents higher at midday Wednesday; soybean futures
are 18 to 20 cents higher; wheat futures are 5 to 7 cents higher. The U.S.
stock market is weaker at midday with the S&P 25 points lower. The U.S. Dollar
Index is 35 points higher. The interest rate products are weaker. Energy trade
is firmer with crude up 3.50, and natural gas up .14. Livestock trade is
weaker. Precious metals are weaker with gold off 59.00.
CORN:
Corn futures are 6 to 7 cents higher at midday with broad ag strength
Wednesday morning and flat spread action as the overall volatile trade
continues. On the monthly WASDE report carryout was unchanged at 2.127 billion
bushels (bb) with world stocks up 3.8 million metric tons (mmt) to 292.0 mmt
with South American production unchanged. Weekly ethanol production came in
31,000 barrels per day (bpd) higher and stocks were off by 800,000 barrels.
Weekly export sales are expected to be in the 800,000 to 1.0 mmt range. Basis
likely weakens in the short term as we sort outside influences out. New-crop
price ratios are shifting toward soybeans considering fertilizer changes. On
the May chart, support is the 20-day moving average at $4.44 with fresh high at
4.76.
SOYBEANS:
Soybean futures are 18 to 20 cents higher at midday with broad buying as
trade heads back to the upper end of the range again with oil leading. Meal is
.50 to 1.50 higher and oil is 250 to 270 points higher. On the report, carryout
was unchanged at 350 million bushels (mb) with world stocks .2 mmt lower to
125.3 mmt with South American estimates effectively unchanged. South America
progress should continue to see Brazil harvest move forward and basis will
likely remain flat to softer with the futures rally. Weekly export sales are
expected to be in the 300,000 to 500,000 mt range. On the May contract, chart
support is $11.67 1/4, where we find the 20-day moving average, with the fresh
high at $12.33 3/4 as resistance.
WHEAT:
Wheat futures are 5 to 7 cents higher at midday as we follow row-crop action
back to the upper end of the range yet again. On the report, U.S. carryout was
unchanged at 931 mb with world stocks off .5 mmt to 277 mmt. 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 sharply higher. Weekly export sales are
expected to be in the 250,000 to 450,000 metric ton range. On the KC May chart,
support is the 20-day moving average at $5.79, 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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