DTN Midday Grain Comments     04/24 10:49

   Corn, Soybean Futures Higher at Midday; Wheat Lower

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
3 to 4 cents higher; wheat futures are 1 to 4 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
3 to 4 cents higher; wheat futures are 1 to 4 cents lower. The U.S. stock 
market is firmer in with the S&P 65 points higher. The U.S. Dollar Index is 30 
points lower. The interest rate products are firmer. Energy trade is mixed with 
crude .10 higher and natural gas .14 lower. Livestock trade is mostly lower. 
Precious metals are mixed with gold up 38.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with firmer spread action 
again as trade remains rangebound short term. Ethanol margins will need more 
sustained strength in unleaded to support blending with corn moving back into 
the middle part of the range. Planting will likely be slowed again with rains 
expected for many. Weekly export sales were solid at 1.15 million metric tons 
(mmt). Basis should remain fairly flat into May contract delivery. Double-crop 
weather in Brazil looks to keep OK moisture in place for the balance of the 
month. On the May chart, the 20-day moving average at $4.70 is support, which 
we bounced off Wednesday, with the upper Bollinger Band at $4.95 as resistance.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with firmer spread action 
as soyoil continues to push to the top of its range with little other fresh 
news. Meal is 1.50 to 2.50 lower and oil is 80 to 90 points higher. South 
America shows little short-term change as remaining harvest moves ahead. Early 
planting should continue around the rains with a slower pace likely into the 
weekend. Weekly sales were soft at 277,000 metric tons (mt) old crop; 170,900 
mt old-crop meal; 5,300 new meal; and 12,400 oil. Basis will likely remain 
sideways into the end of the month. On the May chart, support is the 20-day 
moving average at $10.23, with the Upper Bollinger Band at $10.62 the next 
round up.

WHEAT:

   Wheat futures are 1 to 4 cents lower at midday with trade continuing to get 
more oversold as we consolidate at calendar year lows after the soft trade to 
start the week. The hard red wheat areas are expected to see better weather 
into the end of the month to help conditions rebound MATIF wheat is lightly 
higher as it consolidates the lower end of the range as well. Weekly export 
sales were soft at -145,000 metric tons of old crop and 371,700 metric tons of 
new. On the KC May chart, resistance is the 20-day moving average at $5.57 with 
the next level of support the fresh low at $5.31.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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