DTN Midday Grain Comments     03/03 10:48

   Soybean Futures Lower at Midday Tuesday; Corn Mixed; Wheat Flat-Lower

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 1 to 
2 cents lower; wheat futures are flat to 8 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 1 to 
2 cents lower; wheat futures are flat to 8 cents lower. The U.S. stock market 
is sharply lower at midday with the S&P 120 points lower. The U.S. Dollar Index 
is 90 points higher. The interest rate products are weaker. Energy trade is 
sharply higher with crude up 5.85 and natural gas is up .18. Livestock trade is 
weaker but off the lows. Precious metals are sharply lower with gold 180.00 
lower.

CORN:

   Corn futures are narrowly mixed at midday with early gains fading again as 
overbought conditions and the stronger dollar offset the positive spillover 
from energies. Ethanol margins should improve further if energy gains hold. The 
daily export wire saw 196,000 metric tons sold to unknown destinations for 
old-crop. Basis likely remains sideways in the short term. New-crop price 
ratios have been flat to start March. On the May chart, support is the 20-day 
moving average at $4.40 with fresh high at 4.52 1/2.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower with the early gains fading again as 
oil gets more overbought with meal fading further after the washout to start 
the week. Meal is flat to 1.00 lower and oil is flat to 10 points higher. South 
America should see little change in the short term as Brazil harvest rolls 
forward. Basis will likely remain flat barring a bigger shipping pace increase. 
On the May contract, chart support is $11.39 1/4, where we find the 20-day 
moving average, with the fresh high at $11.85 as resistance.

WHEAT:

   Wheat futures are flat to 8 cents lower with KC action leading as it works 
to reestablish a premium to Chicago as we fade back from the upper end of the 
range with the second day of stronger dollar trade limiting upside. Weather for 
the Plains looks to stay warm through this week with the moisture concentrated 
to the east. Matif wheat is lightly firmer Tuesday morning. On the KC May 
chart, support is the 20-day moving average at $5.60 with resistance the fresh 
high at $5.90 3/4.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




(c) Copyright 2026 DTN, LLC. All rights reserved.