DTN Midday Grain Comments     04/15 10:50

   Corn, Soybean Futures Higher at Midday Wednesday; Wheat Lower

   Corn futures are 6 to 7 cents higher at midday Wednesday; soybean futures 
are 9 to 10 cents higher; wheat futures are 1 to 3 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents higher at midday Wednesday; soybean futures 
are 9 to 10 cents higher; wheat futures are 1 to 3 cents lower. The U.S. stock 
market is mixed at midday with the S&P 25 points higher. The U.S. Dollar Index 
is 9 points lower. The interest rate products are weaker. Energy trade is 
firmer with crude up 1.30 and natural gas up .01. Livestock trade is mostly 
lower. Precious metals are mixed with gold off 18.00.

CORN:

   Corn futures are 6 to 7 cents higher at midday with trade once again trying 
to firm off the lower end of the range with flat spread action continuing. 
Ethanol margins should remain strong with the weekly report showing production 
up 4,000 barrels per day to near record runs and stocks up 600,000 barrels on 
the week. Weekly export sales are expected to be in the 600,000 to 800,000 
metric ton (mt) range Thursday. Basis likely continues to hold the recent 
range. Planting progress should pick up in many areas with rains confined to 
the central part of the Corn Belt. On the May chart, resistance is the 20-day 
moving average at $4.55, with the lower Bollinger Band at $4.39.

SOYBEANS:

   Soybean futures are 9 to 10 cents higher at midday with trade starting 
strong for the third day this week, while we are still looking for the first 
good close with notable fades the first two days of the week. Meal is 1.50 to 
2.50 higher and oil is 50 to 60 points higher. South America should continue to 
push through remaining harvest. Basis is expected to remain flat in the short 
term. Weekly export sales are expected to be in the 300,000 to 500,000 metric 
ton range. Early soybean planting should continue in many areas. On the May 
contract, chart resistance is $11.67, where we find the 20-day moving average, 
which we are testing Wednesday morning again with the Lower Bollinger Band at 
$11.30 as support.

WHEAT:

   Wheat futures are 1 to 3 cents lower with trade working to consolidate the 
early week jump led by KC action with eyes on the extended forecast. Weather 
for the Plains looks to keep the west warm and drier this week with the second 
week showing some better potential. Matif wheat is weaker Wednesday as well. 
Weekly export sales are expected to be in the 200,000 to 350,000 metric ton 
range. Black sea area weather is expected to stay stable in the short term. On 
the KC May chart, support is the 20-day moving average at $6.13 that we moved 
back through Tuesday with the Upper Bollinger Band at $6.40 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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