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DTN Midday Grain Comments     03/16 11:40

   Corn, Wheat Lower at Midday

   Soybeans lead at midday with corn lower, and wheat sharply lower. 

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are higher at midday with the dow futures up 
125 points. The interest rate products are mixed. The dollar index is 20 points 
higher. Energies are mixed with crude up 0.10. Livestock trade is lower. 
Precious metals are lower with gold down $6.50. 


   Corn trade is 3 to 4 cents lower at midday with trade drifting lower with 
spillover pressure from wheat. Ethanol margins remain positive with more 
improvement expected as we progress towards spring with ethanol futures backing 
off heading towards the weekend. Double-crop areas in Brazil look to build some 
moisture in the coming days; with early harvest starting in Argentina. The 
daily wire was quiet again today, but US origin remains competitively priced on 
the world market. On the May chart, trade is back below the 10-day at $3.89 
with the 20-day at $3.83 the next level of support, and resistance the high at 
$3.95 1\2.


   Soybean trade is 3 to 6 cents higher at midday with trade hanging just below 
resistance. Meal is flat to $1.00 higher and oil is 10 to 20 points higher. The 
weather pattern is bringing some rain to parts of Argentina with Brazil 
remaining mostly the same in the next week, while harvest continues to expand, 
with logistic issues being watched, as they are typical for this time of year. 
Crush margins have narrowed a little with the meal slump but remain strong 
overall, with NOPA crush beating expectations at 153.48 million bushels 
yesterday, 5 million more than expected. The USDA announced 20,000 metric tons 
of soyoil sold to unknown. On the May contract, support is the 50-day at 10.17 
below that, with resistance the 20-day at 10.51 that we continue to remain 


   Wheat trade is 3 to 14 cents lower at midday with improved forecast for 
parts of Kansas encouraging selling, while spring wheat remains near flat. 
Plains weather will likely keep the SW Plains dry though with most improvement 
slated for north of I-70, and east of I-35. The dollar index remains just below 
90 on the index, with sideways trade continuing. Black Sea-origin prices have 
drifted lower, solidifying their advantage in export markets, with better 
spring weather showing up for the area. On the May Kansas City wheat support is 
the 50-day at $4.84 after we slipped through the 20-day at $5.15 overnight.

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered adviser. 
He can be reached at dfiala@futuresone.com 
Follow him on Twitter @davidfiala


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