DTN Midday Grain Comments     03/05 10:56

   Corn, Soybean, Wheat Futures All Higher at Midday Thursday

   Corn futures are 5 to 6 cents higher at midday Thursday; soybean futures are 
5 to 6 cents higher; wheat futures are 9 to 15 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents higher at midday Thursday; soybean futures are 
5 to 6 cents higher; wheat futures are 9 to 15 cents higher. The U.S. stock 
market is weaker at midday with the S&P 50 points lower. The U.S. Dollar Index 
is 60 points higher. The interest rate products are weaker. Energy trade is 
sharply higher with crude up 4.90 and natural gas is up .02. Livestock trade is 
mostly lower. Precious metals are weaker with gold 58.00 lower.

CORN:

   Corn futures are 5 to 6 cents higher at midday with trade moving back into 
the upper end of the week's range with flat spread action as we wait to see 
further development of world events. Ethanol margins should see further blender 
gains with the unleaded strength into spring. Weekly export sales were very 
strong at 2.023 million metric tons (mmt). Basis likely remains sideways in the 
short term. New-crop price ratios have held the range this week with further 
gains by soybeans needed to trigger a broader shift. On the May chart, support 
is the 20-day moving average at $4.40 with fresh high at $4.52 1/2.

SOYBEANS:

   Soybean futures are 5 to 6 cents higher at midday with oil continuing to 
lead the product complex as meal fades back to the lower end of the recent 
range. Meal is 1.50 to 2.50 lower and oil is 170 to 180 points higher. South 
America should see little change in the short term as Brazil harvest rolls 
forward with some early shipping bottlenecks. Basis will likely remain flat 
barring a bigger shipping pace increase on catch China movement. Weekly export 
sales were disappointing at 383,500 metric tons with 255,800 of meal, and oil 
at 7,700. On the May contract, chart support is $11.51 1/4, where we find the 
20-day moving average, with the fresh high at $11.85 as resistance.

WHEAT:

   Wheat futures are 9 to 15 cents higher at midday with action bouncing back 
to the top of the recent range with KC holding the premium with the July 
contract back above $6.00. Weather for the Plains looks to stay warm through 
this week with the moisture concentrated to the east into the weekend before 
being expected to broaden the second week. Weekly export sales were soft at 
203,100 metric tons. Matif wheat is lightly higher Thursday morning. On the KC 
May chart, support is the 20-day moving average at $5.64, with resistance the 
fresh high at $5.90 3/4, which we are just below at midday.

   **

   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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