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DTN Midday Grain Comments 04/19 11:25
Corn, Beans Higher and Wheat Flat to Higher Midday Friday
Corn trade is 5-6 cents higher. Beans are 10-12 cents higher and wheat trade
is flat to 8 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
The U.S. stock market is mixed at midday Friday with the S&P 20 points
lower. The dollar index is off 15 points. The interest rate products are
firmer. Energies are firmer with crude up .30 and natural gas up 1 cent.
Livestock trade is mostly higher. Precious metals are firmer with gold up $9.30.
CORN:
Corn is 5-6 cents higher at midday with trade pushing back to nearby
resistance levels with broader ethanol blends being OK for summer and ag
strength after the airstrikes last night. Ethanol margins should receive a
boost from higher summer blends being OK'd with unleaded still near the upper
end of the range. Near-term weather looks to slow planting progress a bit with
cooler temps short term with some rains again this morning and more chances for
moisture as it warms up the second week.
The daily wire saw 216,500 metric tons (mt) of mostly new crop sold to
Mexico. The second crop in Brazil should continue to develop without major
immediate concerns with some excess moisture and disease concerns lingering in
Argentina. On the May chart, the 20-day at $4.32 is nearby resistance which we
are testing at midday with our support of the lower Bollinger Band at $4.24.
SOYBEANS:
Soybeans are 10-12 cents higher at midday with trade pressing back to the
overnight highs at midday with meal again leading the product complex. Meal is
$4.50 to $5.50 higher and oil is flat to 10 points lower. Brazil harvest is
winding down with Argentina bushels coming soon as the South America export
season expands.
The daily wire saw 121,500 mt of mostly new crop beans sold to unknown.
Planting progress should slow a bit with the cool down short term. The May
soybean futures have support at the $11.28 recent low. Chart resistance is at
the 20-day moving average at $11.72.
WHEAT:
Wheat trade is flat to 8 cents higher with Chicago action at midday but with
action 10-15 cents off the overnight post-airstrike highs with the ranges
holding overall. The Plains will see seasonal temperatures start to give way to
a cooler stretch through the weekend with overall moisture prospects better the
second week for Kansas along with warming temps.
The dollar continues to work a bit short of the highs with MATIF wheat
working to the top of the recent range. On the KC May chart, resistance is the
20-day at $5.81 which we are just below at midday, with the Lower Bollinger
band at $5.67 as support.
David Fiala can be reached at dfiala@futuresone.com.
Follow him on X, formerly Twitter, @davidfiala.
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