DTN Midday Grain Comments     04/21 10:54

   Corn Futures Higher at Midday; Soybean, Wheat Futures Lower

   Corn futures are 1 to 2 cents higher at midday Monday; soybean futures are 4 
to 6 cents lower; wheat futures are 4 to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Monday; soybean futures are 4 
to 6 cents lower; wheat futures are 4 to 7 cents lower. The U.S. stock market 
is sharply lower with the S&P 140 points lower. The U.S. Dollar Index is 85 
points lower. The interest rate products are mixed. Energy trade is sharply 
lower with crude 1.80 lower and natural gas .16 lower. Livestock trade is 
mixed. Precious metals are sharply higher with gold up 101.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with firmer spread action as 
we continue to hold the upper end of the range, although we have pulled back a 
little from the early gains. Ethanol margins will continue to struggle with 
unleaded values depressing blending margins even as spring demand should pick 
up. Planting will likely slow with the weekend rains. Weekly progress is likely 
to remain near the 5-year average along with emergence when released Monday 
afternoon. Weekly export inspections remained strong at 1.703 million metric 
tons (mmt), keeping year-to-date pace at 129%. Basis should remain fairly flat 
in the short-term. Double-crop weather in Brazil should continue in line with 
recent weeks limiting market influence. On the May chart, the 20-day moving 
average at $4.68 is support with the upper Bollinger Band at $4.94 as 
resistance.

SOYBEANS:

   Soybean futures are 4 to 6 cents lower with early gains fading again as 
outside market spillover picks up with products turning negative. Meal is 1.50 
to 2.50 lower and oil is 5 to 15 points lower. South American weather allows 
for harvest pressure to keep easing as it moves forward with the cheaper dollar 
likely to keep support in place. Early planting should continue around the 
rains in the U.S. with weekly crop progress likely to be just ahead of the 
5-year average. Weekly export inspections held on at 550,924 metric tons (mt), 
keeping pace at 111% of last year. Basis will likely remain sideways into the 
end of the month. On the May chart, support is the 20-day moving average at 
$10.18, with the Upper Bollinger Band at $10.57 the next round up.

WHEAT:

   Wheat futures are 4 to 7 cents lower at midday with the cheaper dollar 
adding support while recent rains and outside market negativity pulls action 
back from the resistance levels touched overnight. The hard red wheat will need 
better moisture to the west but the eastern growing areas should keep 
conditions steady on the weekly report with development in line with the 5-year 
average. MATIF wheat is closed for Easter Monday after gains on Friday. Weekly 
export inspections were solid at 510,250 mt with year-to-date pace at 114% of 
last year. On the KC May chart, resistance is the 20-day moving average at 
$5.62, which we tested overnight before pulling back; the next level of support 
is the Lower Bollinger Band at $5.49.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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