DTN Midday Grain Comments     03/22 12:01

   Corn, Wheat Mixed; Soybeans Down Midday Wednesday

   Corn trade is 3 higher to 2 cent lower; beans are 11 to 15 lower, and wheat 
trade is 4 cents to 1 cent lower. The U.S. stock market is mixed. The U.S. 
Dollar Index is 0.10 lower. Interest rate products are a little firmer. 
Energies are higher with crude up 40 cents. Livestock trade is lower. Precious 
metals are higher with gold up $9.00.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn trade is 3 higher to 2 cent lower; beans are 11 to 15 lower, and wheat 
trade is 4 cents to 1 cent lower. The U.S. stock market is mixed. The U.S. 
Dollar Index is 0.10 lower. Interest rate products are a little firmer. 
Energies are higher with crude up 40 cents. Livestock trade is lower. Precious 
metals are higher with gold up $9.00.

CORN:

   Corn trade is 3 cents higher on nearby May and 2 cents lower on new crop 
with limited farmer selling allowing old crop to try and rally back into the 
area of the March highs, with new crop December moved to a new March low 
Wednesday morning. At midday Wednesday, December is off its early low, which 
was around a dime lower. Outside markets are flat to friendly, and the chart is 
generating buying interest on the nearby. The EIA report showed a negative rise 
in oil supplies, but the market shook that off due to declines in gasoline 
supplies. On the May chart we are above the 20-day at midday, which is now 
supported at $6.32 and resistance is at the $6.42 3/4 high printed on the third.

SOYBEANS:

   Soybean action is weaker but we have bounced over a dime from our lows. May 
beans are down 11 cents and November futures are down 15 cents. Meal is $7 
lower and bean oil 0.80 cent lower. New crop continues to see losses versus 
corn as the time to bid for acres grows short with more losses Wednesday 
morning. Market bulls argue for bounces due to the tight old crop balance 
sheets and need to limit demand, not drop in price to find it. With South 
American new crop beans becoming available, export news is expected to remain 
quieter. Market bears argue the lack of competitiveness is providing 
fundamental bearish views, plus the negative chart turn has generated long 
liquidation. The low this morning was over $1 off the May contract high up 
around $15.50. May chart resistance is now at the lowest major moving average, 
the 200-day, at $14.59 with support at the $14.43 daily low.

WHEAT:

   Wheat trade is 4 cents lower on KC, 7 cents lower on Minneapolis and 14 
cents lower on the Chicago contract. Spillover pressure from new crop row crops 
and some chart selling has been seen following the last few weeks' rally that 
ran out of steam, with wheat looking for some fresh friendly news to keep the 
market from slipping back to recent lows. A bright spot to note at midday, is 
the May KC around 25 cents above the daily low, and back above the 10-day and 
20-day moving averages, this may attract some chart buyers the rest of the day. 
On the KC May Chart the 20-day is support at $8.15 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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