DTN Midday Grain Comments     03/28 10:50

   Corn, Soybean, Wheat Futures Lower at Midday

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 2 
to 3 cents lower; wheat futures are 9 to 17 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 2 
to 3 cents lower; wheat futures are 9 to 17 cents lower. The U.S. stock market 
is sharply lower with the S&P 80 points lower. The U.S. Dollar Index is 35 
points lower. The interest rate products are firmer. Energy trade is weaker 
with crude .40 lower with natural gas off .03. Livestock trade is mostly 
higher. Precious metals are mixed with gold up 23.00.

CORN:

   Corn futures are 2 to 3 cents lower with risk-off trade continuing as we 
scored fresh lows for the move and get over sold with trade able to bounce a 
bit from the early weakness. Ethanol margins look to remain rangebound as 
spring demand should continue to phase in. On the report Monday, trade is 
looking for stocks at 8.151 billion bushels (bb) versus 8.352 bb last year, and 
acres at 94.361 million versus 90.594 million last year. Basis is expected to 
keep a sideways to firmer trend into April with soft futures action adding 
support along with the start of spring fieldwork. Weather looks to keep 
double-crop establishment in Brazil progressing along. On the May chart, the 
20-day moving average at $4.60 is resistance with the fresh low at $4.42 as 
support.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower at midday with mixed product action 
as trade works to hold onto Thursday's gains amidst the broader selling Friday 
morning. Meal is 2.00 to 3.00 lower and oil 20 to 30 points higher. On the 
report, Monday trade is looking for stocks at 1.901 bb versus 1.845 bb last 
year, and acres at 83.762 million versus 87.050 million last year. South 
American weather looks to remains cooperative for the finish to the growing 
season as harvest moves forward. Basis is expected to remain flat into the end 
of the month. On the May chart, trade has support at the 20-day moving average 
at $10.11, which we moved above Thursday, with the Upper Bollinger Band the 
next level up at $10.25.

WHEAT:

   Wheat futures are 9 to 17 cents lower with trade washing out again Friday 
morning with improved forecasts into April and broad risk-off sentiment. Normal 
to slightly above temps for the Plains look to continue while sandwiched around 
a front passing this weekend for the eastern Plains and better rains expected 
the second week. MATIF wheat is sharply lower as well. On the report, trade is 
looking for stocks at 1.215 bb versus 1.089 bb last year, and acres at 46.475 
million versus 46.079 million last year. On the KC May chart, resistance is the 
20-day moving average at $5.75, after we faded below it earlier in the week, 
with the next level of support the Lower Bollinger Band at $5.43.

   **

   Join us for DTN's webinar at 12:30 p.m. CDT on Monday, March 31, as we 
discuss USDA's estimates of 2025 acreage and quarterly grain stocks, and what 
they may imply for the market moving forward. Questions are welcome, and 
registrants will receive a replay link for viewing at their convenience. 
Register here for Monday's Prospective Plantings and Grain Stocks reports 
webinar: https://ag.dtn.com/ag-25-grain-stocks-wbr-registration .

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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