Mayfield Grain Company, Inc.

DTN Midday Grain Comments     03/19 11:07

   Corn Futures Higher at Midday; Soybean, Wheat Futures Lower

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 4 to 5 cents lower; wheat futures are 1 to 11 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 4 to 5 cents lower; wheat futures are 1 to 11 cents lower. The U.S. stock 
market is firmer with the S&P 40 points higher. The U.S. Dollar Index is 50 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude .40 higher with natural gas .11 higher. Livestock trade is mixed 
with cattle leading. Precious metals are weaker with gold off 1.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with continued choppy action 
ongoing with little fresh news to move us out of the current range. The weekly 
ethanol report showed production rebounding 43,000 barrels per day while stocks 
fell by 800,000. Weekly export sales are expected to be in the 600,000 to 
800,000 metric ton (mt) range Thursday. Basis is expected to stay rangebound in 
the short term with fieldwork to start picking up even with the current Corn 
Belt storm. Double-crop planting in Brazil is heading toward the homestretch. 
On the May chart, the 20-day moving average at $4.72 is resistance with the 
recent low at $4.42 1/4 as support.

SOYBEANS:

   Soybean futures are 4 to 5 cents lower at midday as early two-sided action 
softens into the day session with products struggling. Meal is 1.50 to 2.50 
lower and oil is 30 to 40 points lower. South America has little change 
expected in the near-term weather patterns as harvest progresses in line with 
the recent average. Weekly export sales are expected to be in the 300,000 to 
450,000 mt range. Basis is expected to remain flat to softer through midmonth. 
On the May chart, trade has resistance at the 20-day moving average at $10.24 
with the recent low at $9.91 as support.

WHEAT:

   Wheat futures are 1 to 11 cents lower with trade fading from the top end of 
the range as nearby support holds so far with the sharply firmer dollar adding 
pressure. Normal to slightly above normal temps with better moisture potential 
for the second week are forecast for the Plains for now. MATIF wheat is solidly 
higher with the euro weakness helping add support. Weekly export sales are 
expected to be in the 250,000 to 450,000 mt range. On the KC May chart, support 
is the 20-day moving average at $5.86, which we have popped above Tuesday, with 
the next level of resistance the Upper Bollinger Band at $6.28.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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