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DTN Midday Grain Comments     03/23 10:50

   Corn Futures Mixed, Beans Down Double Digits

   Corn trade is narrowly mixed; beans are 24 to 26 cents lower, and wheat 
trade is flat to 8 cents higher. The U.S. stock market is firmer with the S&P 
up 60 points. The U.S. Dollar Index is 0.20 lower. Interest rate products are 
mixed. Energies are higher with crude up 75 cents and natural gas up 5 cents. 
Livestock trade is mostly lower. Precious metals are higher with gold up $37.00.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn trade is narrowly mixed; beans are 24 to 26 cents lower, and wheat 
trade is flat to 8 cents higher. The U.S. stock market is firmer with the S&P 
up 60 points. The U.S. Dollar Index is 0.20 lower. Interest rate products are 
mixed. Energies are higher with crude up 75 cents and natural gas up 5 cents. 
Livestock trade is mostly lower. Precious metals are higher with gold up $37.00.

CORN:

   Corn trade is mixed at midday Thursday with two-sided action as early 
strength gives way with soybean drag action off the high while spreads remain 
solid and export demand continues to surface. Ethanol margins will need more 
help from unleaded to boost blender action, with old crop corn firming and 
spring driving demand off to a good start. Basis has continued to generally 
drift back higher. Weekly export sales were strong at 3.1 million metric tons 
of old crop and 193,000 of new, along with another announcement of sales to 
China with 123,000 metric tons sold Thursday. The second crop in Brazil is 
heading toward the better part of the growing season with trade watching 
forecasts into April for development. On the May chart, we are just above the 
20-day which is now support at $6.32 and resistance is at the $6.42 3/4 high 
printed on the third.

SOYBEANS:

   Soybean action is 24 to 26 cents lower at midday with early gains giving way 
to aggressive fund selling and weaker spreads during the day session, with 
products leading us lower as we get increasingly oversold. Meal is $9.00 to 
$10.00 lower, and oil is 2.15 cents to 2.25 cents points lower with crush 
margins seeing further pressure. With South American new crop beans becoming 
available export news is expected to remain quieter with weekly sales at 
152,500 metric tons of old crop, 199,000 of new; 121,000 of meal and 10,800 of 
oil. Basis has generally remained solid short term with the market still 
showing a substantial inverse. May chart resistance is now at the lowest major 
moving average, the 200-day, at $14.59 with support at the $14.21 3/4 fresh low 
scored Thursday.

WHEAT:

   Wheat trade is flat to 8 cents higher with KC action leading as we fade from 
the early highs as row crops lose momentum with spread trade continuing to firm 
up. Weather will continue to support KC action with the western plains to 
continue to struggle. The weaker dollar will add support if sustained, but 
continued Matif selling pressure will lean more on Chicago action. Weekly 
export sales were soft at 125,600 metric tons old crop nd 13,000 of new. Little 
other change is noted on the world scene for now as India presses into harvest 
and the Grain Corridor is once again on the back burner for now. On the KC May 
chart, the 20-day is support at $8.14 with the 50-day resistance up at $8.43, 
which was the area of our Tuesday high.

   David Fiala can be reached at dfiala@futuresone.com 

   Follow him on Twitter @davidfiala




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