DTN Midday Grain Comments     04/30 10:48

   Corn, Wheat Futures Lower at Midday Thursday; Soybeans Mixed

   Corn futures are 4 to 6 cents lower at midday Thursday; soybean futures are 
narrowly mixed; wheat futures are 11 to 17 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 6 cents lower at midday Thursday; soybean futures are 
narrowly mixed; wheat futures are 11 to 17 cents lower. The U.S. stock market 
is solidly higher at midday with the S&P 35 points higher. The U.S. Dollar 
Index is 80 points lower. The interest rate products are firmer. Energy trade 
is mostly lower with crude off 2.00 and natural gas up .05. Livestock trade is 
mostly lower. Precious metals are firmer with gold up 67.00.

CORN:

   Corn futures are 4 to 6 cents lower at midday with light selling from the 
top of the range along with flat spread trade with the May contract in delivery 
now. Ethanol margins look to remain stable with blenders likely to see further 
gains into spring. Weekly export sales remained solid at 1.598 million metric 
tons (mmt). Basis likely continues to hold the recent range into the start of 
May. Planting progress should start to pick back up with more open weather, 
albeit cooler than average temps to slow emergence. On the July chart support 
is the 20-day moving average at $4.61 with the Upper Bollinger Band at $4.75, 
which we are just below.

SOYBEANS:

   Soybean futures are narrowly mixed with trade chopping just off the top of 
the recent range with products fading off the highs as well. Meal is 5.00 to 
6.00 lower and oil is 30 to 40 points higher. South American availability 
should remain good in the near term as harvest winds down. Basis is expected to 
remain flat in the short term with exports remaining limited to keep overall 
action soft as July becomes front month. Weekly export sales remained soft at 
258,100 metric tons (mt) of old crop, 294,900 of meal, and 3,400 of oil. 
Planting pace should pick back up as weather opens for many, likely keeping us 
well ahead of average. On the July contract, chart support is $11.82, where we 
find the 20-day moving average, and resistance is the Upper Bollinger Band at 
$11.95, which we are testing at midday.

WHEAT:

   Wheat futures are 11 to 17 cents lower with long liquidation into month's 
end as we ease overbought conditions after the recent surge. The western Plains 
are expected to remain mostly dry in the short term with better rains to the 
south where the crop is more advanced. Spring wheat planting should expand more 
with open weather. Matif wheat is sharply lower as well. Black Sea area weather 
has held the recent pattern. Weekly export sales improved at 226,100 mt old 
crop and 156,700 mt of new. On the KC July chart, support is the 20-day moving 
average at $6.49 with the fresh high at $7.18 1/2 as resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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