DTN Midday Grain Comments     04/20 10:48

   Corn, Wheat Futures Higher at Midday Monday; Soybeans Lower

   Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 1 
to 2 cents lower; wheat futures are 2 to 8 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 1 
to 2 cents lower; wheat futures are 2 to 8 cents higher. The U.S. stock market 
is weaker at midday with the S&P 22 points lower. The U.S. Dollar Index is 2 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude up 4.75 and natural gas up .03. Livestock trade is mixed. Precious 
metals are weaker with gold down 60.00.

CORN:

   Corn futures are 2 to 3 cents higher to start the week with rangebound 
action continuing and two-sided action so far as we are near the session highs 
at midday. Ethanol margins should remain strong in the short-term as unleaded 
premiums remain substantial. Weekly export inspections were solid at 1.669 
million metric tons (mmt) with year-to-date pace at 132%. 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. The weekly crop 
progress report is likely to show pace in line with the five-year average. On 
the May chart, resistance is the 20-day at $4.53 with the lower Bollinger Band 
at $4.39.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower as early gains faded again after the 
initial energy bounce as trade concerns and South American availability 
continue to limit upside. Meal is 5.00 to 6.00 lower and oil and is 100 to 110 
points higher. South America should continue to push through remaining harvest 
as they take more of the world export share in the short term. Basis is 
expected to remain flat in the short term. Weekly export inspections were in 
line with recent weeks at 748,678 metric tons (mt) with year-to-date pace at 
75%. Early soybean planting should continue in many areas as well with the 
middle of the belt staying wetter. Weekly crop progress is likely to show 
planting ahead of the five-year pace. On the May contract, chart resistance is 
$11.65, where we find the 20-day moving average, which we closed just above 
Friday, with the Lower Bollinger Band at $11.53 as support.

WHEAT:

   Wheat futures are 2 to 8 cents higher with trade continuing to press to the 
upper end of the range with Chicago action leading on weather concerns. Weather 
for the Plains looks to keep the west warm and drier with some relief possible 
later in the week. Matif wheat is solidly higher to start. Weekly crop progress 
is expected to show light condition declines with maturity ahead of average, 
with spring wheat planting expected to be in line with average. Black sea area 
weather is expected to stay stable in the short term. Weekly export inspections 
were solid at 518,141 mt. On the KC May chart, support is the 20-day moving 
average at $6.15, with the Upper Bollinger Band at $6.45 as resistance, which 
we are just below at midday.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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