DTN Midday Grain Comments     03/30 11:11

   Soybean Futures Higher at Midday Monday; Corn Lower; Wheat Flat-Higher

   Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 7 
to 8 cents higher; wheat futures are flat to 5 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 7 
to 8 cents higher; wheat futures are flat to 5 cents higher. The U.S. stock 
market is firmer at midday with the S&P 20 points higher. The U.S. Dollar Index 
is 40 points higher. The interest rate products are firmer. Energy trade is 
mixed with crude up 2.95 and natural gas .16 lower. Livestock trade is firmer 
with cattle leading. Precious metals are firmer with gold up 35.00.

CORN:

   Corn futures are 3 to 4 cents lower with flat spread action as rangebound 
action continues coming out of the weekend as we head toward Tuesday's stocks 
and acres reports. On the report, trade is looking for 9.104 billion bushels 
(bb) of stocks versus 8.147 bb last year and corn acres at 94.371 million 
versus 98.788 million last year. Ethanol margins should remain solid in the 
short term with unleaded continuing to boost blender margins. The daily export 
wire saw 145,000 metric tons (mt) sold to unknown destinations. Weekly export 
inspections were solid at 1.790 million metric tons (mmt) with year-to-date 
pace at 136%. Basis likely continues to hold the recent range. New-crop price 
ratios continued to edge toward soybeans this week. On the May chart, support 
is the 20-day moving average at $4.59, which we are testing at midday, with 
recent high at $4.76 as resistance.

SOYBEANS:

   Soybean futures are 7 to 8 cents higher at midday with oil leading the 
product complex as trade looks to digest the biofuels numbers from Friday and 
position for the report. Meal is flat to 1.00 higher and oil is 145 to 155 
points higher. On the report, trade is looking for stocks at 2.063 bb versus 
1.911 bb last year, and acres at 85.55 million versus 81.215 million last year. 
Biofuels targets on Friday came in as expected with the most aggressive targets 
remaining on hold for now. South America progress should remain on or ahead of 
pace with more bushels coming onto the world market. Basis should stay flat in 
the short term with nearby availability remaining good for end users. Weekly 
export inspections were disappointing at 586,427 metric tons with year-to-date 
pace at 73%. On the May contract, chart resistance is $11.79, where we find the 
20-day moving average, with the Lower Bollinger Band at $11.32 as support.

WHEAT:

   Wheat futures are flat to 5 cents higher with trade firming back from early 
weakness to continue to hold the upper end of the range. On the report, trade 
is looking for 1.295 bb of stocks versus 1.237 bb last year, and acres at 
44.786 million versus 45.328 million last year. Weather for the Plains looks to 
cool midweek with rains to the east with the second week warmer again. Matif 
wheat has turned higher with the weaker euro. Weekly export inspections were 
solid at 364,219 metric tons with year-to-date pace at 117%. On the KC May 
chart, support is the 20-day moving average at $6.09, with resistance the 
recent high at $6.47 1/2.

   **

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   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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