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DTN Midday Grain Comments     03/04 10:50

   Corn, Soybean, Wheat Futures Higher at Midday Monday

   Corn futures are 4 to 5 cents higher at midday Monday; soybean futures are 3 
to 5 cents higher; wheat futures are 7 to 13 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Monday; soybean futures are 3 
to 5 cents higher; wheat futures are 7 to 13 cents higher. The U.S. stock 
market is weaker at midday with the S&P 5 points lower. The U.S. Dollar Index 
is 10 points lower. The interest rate products are weaker. Energies have crude 
.60 lower and natural gas .15 higher. Livestock trade is mostly lower. Precious 
metals are firmer with gold up $25.00.

CORN:

   Corn futures are 4 to 5 cents higher at midday with trade rebounding back to 
the upper end of the recent range with firmer spread action and trade just 
below the highs at midday. Ethanol margins are seeing a little pressure from 
the corn rebound while blenders will benefit as spring blends become more 
widespread into the next few weeks with better demand needed to sustain recent 
production levels. The daily export wire saw 110,000 metric tons (mt) sold to 
Taiwan with weekly export inspections remaining solid at 1.084 million metric 
tons (mmt). Basis should turn more sideways in the short term. Early 
second-crop corn should continue to progress in Brazil with planting pace ahead 
of average and eyes turning toward longer-term weather into the higher water 
demand season in April. On the May chart the 20-day moving average at $4.33 is 
nearby resistance, which we tested earlier in the session, with the Lower 
Bollinger Band at $4.11 just above the $4.06 3/4 fresh low as support.  

SOYBEANS:

   Soybean futures are 3 to 5 cents higher at midday Monday with early product 
strength easing again but holding positive. Meal is .50 to 1.50 higher and oil 
is 10 to 20 points higher. South American weather should allow for Brazil 
harvest to keep moving along as it heads toward the backstretch with Argentina 
seeing pattern little changed in the short term. The daily export wire saw 
126,000 mt of meal sold to unknown with weekly export inspections holding up 
better at 1.021 mmt. Basis should remain flat in the short term, domestically, 
as March goes into delivery. The May soybeans have resistance at the 20-day 
moving average at $11.72. The $11.30 1/4 fresh low scored Thursday is nearby 
support with the lower Bollinger Band just below that at $11.25.

WHEAT:

   Wheat futures are 7 to 13 cents higher at midday with firmer spread action 
as trade works to bounce back from the washout on Friday with action squarely 
in the middle of the range. The Plains will see warmer than normal temps 
persist into mid-month with better moisture possibilities next week. The dollar 
is flat to start the week, with Matif wheat firming back from the lows. Weekly 
export inspections were rangebound at 353,137 mt. On the KC May chart, 
resistance is at the 20-day moving average at $5.85. Support is the fresh low 
at $5.56 3/4 with the lower Bollinger Band just below that at $5.53.

   David Fiala can be reached at dfiala@futuresone.com. 

   Follow him on X, formerly Twitter, @davidfiala.




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