DTN Midday Grain Comments     03/09 10:54

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

   Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 2 
to 3 cents lower; wheat futures are flat to 6 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 2 
to 3 cents lower; wheat futures are flat to 6 cents lower. The U.S. stock 
market is weaker at midday with the S&P 35 points lower. The U.S. Dollar Index 
is 10 points higher. The interest rate products are weaker. Energy trade is 
firmer but well off the spike highs with crude up 5.10 and natural gas is off 
.05. Livestock trade is weaker with cattle the downside leader. Precious metals 
are mixed with gold 55.00 lower.

CORN:

   Corn futures are 3 to 4 cents lower with trade fading from the overnight 
highs as energy gains ease and longs take profits with overbought conditions. 
On the monthly WASDE report Tuesday, trade is looking for old-crop carryout at 
2.136 billion bushels (bb), up 7 million bushels (mb) from last month. Ethanol 
margins should see further blender gains with the unleaded strength into 
spring. Weekly export inspections remain solid at 1.517 million metric tons 
(mmt) with year-to-date pace at 142%. 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 2 to 3 cents lower at midday with long profit-taking 
after the overnight surge fades with meal the downside leader on products with 
oil pulling back from the fresh spike highs. 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 bigger concerns. Basis will 
likely remain flat barring a bigger shipping pace increase on catch-up China 
movement. Weekly export inspections were OK at 879,190 metric tons (mt) with 
year-to-date pace at 70%. 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 flat to 6 cents lower with fresh highs being scored again 
before fading back along with the other ags and energies ahead of the day 
session. On the report, trade is looking for 922 mb versus 931 mb last month. 
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 firmer to start. Weekly 
export inspections were solid at 496,108 mt with year-to-date pace at 120%. On 
the KC May chart, support is the 20-day moving average at $5.72 with resistance 
the fresh high at $6.16 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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