DTN Midday Grain Comments     03/10 10:46

   Soybean Futures Higher at Midday Tuesday; Corn, Wheat Lower

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 3 
to 4 cents higher; wheat futures are 13 to 15 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 3 
to 4 cents higher; wheat futures are 13 to 15 cents lower. The U.S. stock 
market is firmer at midday with the S&P 25 points higher. The U.S. Dollar Index 
is 60 points lower. The interest rate products are mixed. Energy trade is 
weaker with crude off 11.00 from Monday's close, and natural gas off .08. 
Livestock trade is firmer. Precious metals are firmer with gold 131.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with trade edging back off the 
early lows as we wait for the WASDE report and further outside market 
developments. On the monthly WASDE report at 11 a.m. CDT, trade is looking for 
old-crop carryout at 2.136 billion bushels (bb), up 7 million bushels (mb) from 
last month. Ethanol margins are solidly improved with unleaded still holding 
the upper end of the range ahead of spring demand. Basis likely weakens in the 
short term as we sort outside influences out. New-crop price ratios are 
shifting toward soybeans along with the fertilizer changes. On the May chart, 
support is the 20-day moving average at $4.43 with fresh high at $4.76.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday, bouncing back from early 
weakness with meal leading the product complex to the report. Meal is .50 to 
1.50 higher and oil is 20 to 30 points lower. On the report, trade is looking 
for carryout at 347 mb versus 350 mb last month. South America should see 
little change in the short term as Brazil harvest rolls forward with some early 
shipping bottlenecks and freight costs potentially a bigger concern short term. 
Basis will likely remain flat barring a bigger shipping pace increase on 
catch-up China movement. On the May contract, chart support is $11.59 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 13 to 15 cents lower with long liquidation picking up as 
outside spillover turns more negative to grains ahead of the report. On the 
report, trade is looking for 922 mb versus 931 mb. 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 lower. On the KC May chart, support is the 20-day 
moving average at $5.76 with resistance the fresh high at $6.47 1/2.

   **

   Join DTN Lead Analyst Rhett Montgomery on March 10 at 12:30 p.m. CT for an 
expert breakdown and analysis of the latest March WASDE report. Rhett provides 
an unbiased reaction to USDA's report, including in-depth insights into corn, 
soy, wheat, and more. Plus, we'll look at other grain inventories and potential 
effects on commodity markets from weather events and more. Sign up for Rhett's 
webinar here: https://www.dtn.com/wasde-webinars

   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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