DTN Midday Grain Comments     04/17 10:52

   Corn and Wheat Lower, Beans  Mixed at Midday Wednesday

   Corn trade is narrowly mixed. Beans are 6-8 cents higher and wheat trade is 
flat to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is weaker at midday with the S&P 20 points lower. The 
dollar index is off 3 points. The interest rate products are firmer. Energies 
are weaker with crude of  .80 and natural gas off 7 cents. Livestock trade is 
weaker. Precious metals are mixed with gold off $4.

CORN:

   Corn is narrowly mixed with quiet range-bound action continuing with little 
fresh news to drive trade so far today. The weekly ethanol report showed 
production was off more than expected, dropping by 73,000 barrels per day, with 
stocks off by 128,000 barrels with overall driving demand remaining soft. Basis 
should remain sideways until the end of the month. Near-term weather looks to 
slow planting progress a bit with cooler temps short term after rains yesterday 
and more chances for moisture as it warms up the second week.

   The daily wire remained quiet with export sales expected to be in the 
400,000 to 600,000 metric ton range tomorrow. The second crop in Brazil should 
continue to develop without major immediate concerns with some excess moisture 
disease concerns in Argentina. On the May chart, the 20-day at $4.34 is nearby 
resistance with our support of the lower Bollinger Band at $4.25.

SOYBEANS:

   Soybean trade is 6-8 cents higher with light short covering and broader 
product strength helping to push trade higher at midday. Meal is $3.50 to $4.50 
higher and oil is 25 to 35 points higher. Brazil's harvest is winding down, 
with Argentina still battling a bit of short-term excess moisture as its export 
window continues to expand.

   The daily wire remained quiet today with weekly sales expected to be in the 
250,000-400,000 metric ton range tomorrow. Planting progress should slow a bit 
with the cool down short term. May soybean futures have support at the $11.42 
lower Bollinger Band. Chart resistance is at the 20-day moving average at 
$11.80.  

WHEAT:

   Wheat trade is flat to 6 cents lower at midday with trade holding support 
but struggling to find fuel to stretch to the upper end of the range with KC 
action seeing the most pressure so far today. The Plains will see seasonal 
temperatures start to give way to a cooler stretch at the end of the week with 
overall moisture prospects better the second week for Kansas. The dollar 
continues to limit the upside with action holding at the upper end of the range 
with MATIF wheat edging higher so far today.

   Weekly export sales are expected to be in the 250,000-450,000 metric ton 
range. On the KC May chart, support is the 20-day at $5.82 that we are testing 
at midday with the upper Bollinger band at $5.95 as resistance.

   David Fiala can be reached at dfiala@futuresone.com. 

   Follow him on X, formerly Twitter, @davidfiala.




(c) Copyright 2024 DTN, LLC. All rights reserved.