DTN Midday Grain Comments     04/23 10:54

   Corn, Wheat Futures Lower at Midday; Soybeans Higher

   Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 
5 to 7 cents higher; wheat futures 2 to 5 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 
5 to 7 cents higher; wheat futures 2 to 5 cents lower. The U.S. stock market is 
sharply higher in with the S&P 110 points higher. The U.S. Dollar Index is 70 
points higher. The interest rate products are firmer. Energy trade is sharply 
lower with crude 1.70 lower and natural gas .02 higher. Livestock trade is 
mostly higher. Precious metals are mixed with gold down 125.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday with trade testing nearby 
support early before bouncing slightly toward midday. Weekly ethanol production 
rose 21,000 barrels per day, with stocks down 1.3 million barrels on Easter 
travel. Planting will likely be slowed again with midweek rains expected for 
many. Weekly export sales are expected to be in the 700,000 to 900,000 metric 
ton (mt) range. Basis should remain fairly flat in the short term. 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 $4.69 is support, which 
we bounced off of, with the upper Bollinger Band at $4.95 as resistance.

SOYBEANS:

   Soybean futures are 5 to 7 cents higher at midday with trade edging back 
toward the upper end of the range with light product strength. Meal is flat to 
1.00 higher and oil is 10 to 20 points higher. South America shows little 
short-term change with the firmer dollar likely to limit upside a bit 
Wednesday. Early planting should continue around the rains. Weekly export sales 
are expected to be in the 500,000 to 700,000 mt range. Basis will likely remain 
sideways into the end of the month. On the May chart, support is the 20-day 
moving average at $10.21, with the Upper Bollinger Band at $10.59 the next 
round up.

WHEAT:

   Wheat futures are 2 to 5 cents lower at midday with trade testing the lower 
end of the range with the firming dollar limiting buying enthusiasm as we get 
closer to oversold conditions. The hard red wheat areas are expected to see 
better weather into the end of the month to help conditions rebound with some 
areas of notable stress for now. MATIF wheat is flat after sliding with the 
stronger euro Tuesday as the currency trade moderates. Weekly export sales are 
expected to be in the 200,000 to 400,000 mt range. On the KC May chart, 
resistance is the 20-day moving average at $5.60 with the next level of support 
the Lower Bollinger Band at $5.42, which we are testing at midday.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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