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DTN Midday Grain Comments 03/24 10:50 Grain Futures Looking Green Midday Friday Corn trade is 5 to 6 cents higher, beans are flat to 2 cents higher and wheat trade is 11 to 18 cents higher. The U.S. stock market is weaker with the S&P off 25 points. The U.S. Dollar Index is 0.20 lower. Interest rate products are firmer. Energies are mixed with crude off 1.55 cents and natural gas up 4 cents. Livestock trade is mostly higher. Precious metals are mixed with gold off $2.00. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 5 to 6 cents higher, beans are flat to 2 cents higher and wheat trade is 11 to 18 cents higher. The U.S. stock market is weaker with the S&P off 25 points. The U.S. Dollar Index is 0.20 lower. Interest rate products are firmer. Energies are mixed with crude off 1.55 cents and natural gas up 4 cents. Livestock trade is mostly higher. Precious metals are mixed with gold off $2.00. CORN: Corn trade is 5 to 6 cents higher at midday Friday with spread action mostly firmer again and trade trying to follow the lead of wheat, with action fading from the early highs at midday. 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 while unleaded values struggle with the risk-off action in energies. Basis has continued to generally drift back higher. China continued to secure old crop corn with another 204,000 metric tons on the daily wire. The second crop in Brazil is heading towards the better part of the growing season with trade watching forecasts into April for development with some concerns on the horizon. On the May chart, we are just above the 20-day, which is now support at $6.30, and resistance is at the $6.45 high printed Friday morning. SOYBEANS: Soybean action is flat to 2 cents higher with better strength in the back months as we work to ease deeply oversold conditions but struggle to sustain strength at midday, especially with product action still wobbly. Meal is $1.00 to $2.00 higher and oil is 0.90 cent to 1.00 cent higher. With South American new crop beans becoming available export news has remained limited. China values have seen pressure as well with African swine fever demand questions helping to keep sellers motivated. Basis has generally remained solid short term with the market still showing a substantial inverse. May chart resistance is now at the lower Bollinger Band at $14.26 with support at the $14.05 fresh low scored Friday. WHEAT: Wheat trade is 11 to 18 cents higher with trade well off the early higher scored during the day session with talk of Russia potentially slowing their own exports, with buying fading as we got towards the middle of the session. Weather will continue to support KC action with the western plains to continue to struggle with moisture to the east. The weaker dollar will add support if sustained with it still in the lower end of the range with the strength Friday, while Matif wheat is solidly higher Friday as well. Little other change is noted on the world scene for now as India presses into harvest and other northern hemisphere weather issues are limited for now. On the KC May Chart, the 20-day is support at $8.14 with the Friday morning high at $8.61 1/4 becoming resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.