DTN Midday Grain Comments     04/17 10:49

   Corn Futures Flat-Higher at Midday; Soybeans Lower; Wheat Higher

   Corn futures are flat to 1 cent higher at midday Thursday; soybean futures 
are 4 to 6 cents lower; wheat futures are 3 to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent higher at midday Thursday; soybean futures 
are 4 to 6 cents lower; wheat futures are 3 to 5 cents higher. The U.S. stock 
market is mixed in with the S&P 18 points higher. The U.S. Dollar Index is 5 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude 1.55 higher and natural gas .03 higher. Livestock trade is mostly 
higher. Precious metals are weaker with gold off 30.00.

CORN:

   Corn futures are flat to a penny higher at midday with trade looking to stay 
rangebound into the three-day weekend with the markets closed for Good Friday. 
Ethanol margins look to remain rangebound in the short-term with unleaded 
showing slight gains this week to boost blenders. Planting should make broad 
progress toward the wetter weekend in many areas. Weekly sales were solid at 
1.592 million metric tons (mmt) with 10,000 of new. Basis should remain fairly 
flat in the short-term. Double-crop weather in Brazil should add a bit of 
support with limited recent rains but not a major driver of gains until we get 
deeper in the growing season. On the May chart, the 20-day moving average at 
$4.67 is support after we consolidated above it last week with the upper 
Bollinger Band at $4.92 as resistance.

SOYBEANS:

   Soybean futures are 4 to 6 cents lower with oil leading the product side as 
we look to drift rangebound into the weekend. Meal is 1.00 to 2.00 lower and 
oil is 5 to 15 points higher. South American weather allows for harvest to keep 
easing as it moves forward with the cheaper dollar likely to keep support in 
place. Early planting should continue to move forward into the weekend. Weekly 
export sales were soft at 554,800 metric tons (mt) old crop; 181,800 mt new 
crop; 146,200 meal; and 10,300 oil. Basis will likely remain sideways into the 
end of the month. On the May chart, support is the 20-day moving average at 
$10.17, with the Upper Bollinger Band at $10.56 the next round up.

WHEAT:

   Wheat futures are 3 to 5 cents higher at midday with trade pushing back to 
nearby resistance yet again with the dollar adding support but near-term upside 
limited with the expected weather improvement through the weekend. The hard red 
wheat areas look to catch more rain on the Eastern Plains in the short-term 
through Sunday with the west staying drier before better coverage toward the 
end of the month. MATIF wheat is lightly higher with rangebound action 
continuing there as well. Weekly export sales had 76,500 mt of old crop and 
273,900 mt of new crop. On the KC May chart, resistance is the 20-day at moving 
average $5.65, which we are just below at midday, with the next level of 
support the Lower Bollinger Band at $5.45.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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