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DTN Midday Grain Comments 04/23 10:49
Corn Futures Flat-Higher at Midday Thursday; Soybeans Lower; Wheat Higher
Corn futures are flat to 1 cent higher at midday Thursday; soybean futures
are 3 to 4 cents lower; wheat futures are 3 to 12 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are flat to 1 cent higher at midday Thursday; soybean futures
are 3 to 4 cents lower; wheat futures are 3 to 12 cents higher. The U.S. stock
market is mixed at midday with the S&P 5 points higher. The U.S. Dollar Index
is 2 points lower. The interest rate products are mixed. Energy trade is mixed
with crude up .50 and natural gas off .12. Livestock trade is mixed. Precious
metals are mixed with gold up 4.00.
CORN:
Corn futures are flat to a penny higher at midday as we chop along the top
of the recent range with little other fresh news. Ethanol margins should remain
solid with spring driving demand showing some light weakness. Weekly export
sales were solid at 1.317 million metric tons (mmt) along with 440,100 metric
tons (mt) of new crop. 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 short-term. On the May chart resistance is the
20-day moving average at $4.53 which we are just above at with the lower
Bollinger Band at $4.39 as support.
SOYBEANS:
Soybean futures are 3 to 4 cents lower at midday with light selling
continuing after the late fade Wednesday with meal leading on the product side
of the complex and oil continues hold above $70.00 nearby. Meal is 1.50 to 2.50
higher and oil is 55 to 65 points lower. 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 with improved
crush margins possibly helping action although momentum slowed this week.
Weekly export sales were still soft at 364,600 mt old crop, with meal at
162,300 mt and oil at 1,500 mt. Early soybean planting should continue in many
areas as well with the middle of the belt staying wetter. On the May contract,
chart support is $11.66 where we find the 20-day moving average which we are
just below at midday with the Upper Bollinger Band at $11.78 as the next round
up.
WHEAT:
Wheat futures are 3 to 12 cents higher with KC trade leading again as it
stays near the recent highs as we wait for broader weather development while
weaker world action likely limits upside from here in the short term. Weather
for the Plains looks to keep the west warm and drier until a cooler and wetter
stretch emerges this weekend with the main focus along the Nebraska/Kansas
line. Matif wheat is narrowly mixed. Black sea area weather is expected to stay
stable in the short term. Weekly export sales stayed soft at 129,000 mt old
crop and 8,000 mt of new. On the KC May chart, support is the 20-day moving
average at $6.18 with the Upper Bollinger Band at $6.53.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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