DTN Midday Grain Comments     04/30 10:53

   Corn, Wheat Futures Higher at Midday; Soybeans Lower

   Corn futures are 6 to 7 cents higher at midday Wednesday; soybean futures 
are 6 to 7 cents lower; wheat futures are 4 to 11 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents higher at midday Wednesday; soybean futures 
are 6 to 7 cents lower; wheat futures are 4 to 11 cents higher. The U.S. stock 
market is weaker with the S&P 50 points lower. The U.S. Dollar Index is 28 
points higher. The interest rate products are mixed. Energy trade is weaker 
with crude .40 lower and natural gas .05 lower. Livestock trade is mostly 
lower. Precious metals are weaker with gold down 15.00.

CORN:

   Corn futures are 6 to 7 cents higher at midday with strong spread action as 
trade rebounds from the Tuesday weakness and July becomes the front-month 
contract. The weekly ethanol report showed production up by 7,000 barrels per 
day (bpd) and stocks down by 92,000 barrels with margins under pressure. Warmer 
weather into midmonth should keep planters rolling around the storms. The daily 
export wire saw 120,000 metric tons (mt) of corn sold to unknown destinations. 
Weekly export sales are expected to be in the 1.0 million metric tons (mmt) to 
1.25 mmt range Thursday. Basis should start to firm a little into May as 
fieldwork picks up more. Double-crop weather in Brazil should continue to allow 
for good crop development. On the July chart, the 20-day moving average at 
$4.81 is now resistance after we faded below it Tuesday with support the lower 
Bollinger Band at $4.61.

SOYBEANS:

   Soybean futures are 6 to 7 cents lower at midday trade firming back from the 
overnight lows with sluggish product values. Meal is 1.00 to 2.00 lower and oil 
is 35 to 45 points lower. South America shows little short-term change as 
remaining harvest heads toward the homestretch. Warmer weather should boost 
emergence for early planted soybeans as planting progress should remain solid 
around short-term rains. Weekly export sales are expected to be in the 400,000 
to 600,000 metric ton (mt) range. Basis will likely remain sideways into the 
end of the month. On the July chart, support is the 20-day moving average at 
$10.39, with the Upper Bollinger Band at $10.79 the next round up.

WHEAT:

   Wheat futures are 4 to 10 cents higher with light short-covering returning 
as we bounce off the fresh lows scored overnight amid deeply oversold 
conditions. The hard red wheat areas are expected to see better weather into 
the start of May, especially for Oklahoma and eastern Kansas with some more 
potential relief for the drier areas. MATIF wheat is flat to firmer Wednesday 
morning at the lower end of the range as well. Weekly export sales are expected 
to be in the 200,000 to 350,000 mt range. On the KC July chart, resistance is 
the 20-day moving average at $5.63 1/2 with the next level of support the fresh 
low at $5.27 1/2.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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