DTN Midday Grain Comments     04/17 10:45

   Corn, Soybeans, Wheat Futures Lower at Midday Friday

   Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 1 
to 2 cents lower; wheat futures are 4 to 10 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 1 
to 2 cents lower; wheat futures are 4 to 10 cents lower. The U.S. stock market 
is sharply firmer at midday with the S&P is 92 points higher. The U.S. Dollar 
Index is 30 points lower. The interest rate products are firmer. Energy trade 
is sharply weaker with crude off 10.00 and natural gas up .04. Livestock trade 
is sharply lower. Precious metals are firmer with gold up 88.00.

CORN:

   Corn futures are 1 to 2 cents lower at midday with buying coming back after 
the early risk-off trade after the announcement of the reopening of the Strait 
of Hormuz. Ethanol margins should remain strong in the short term as unleaded 
premiums remain substantial. 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. On the May chart, resistance is the 20-day 
moving average at $4.53 with the lower Bollinger Band at $4.39.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower with oil the downside leader on the 
product complex with trade again fading back from short-term resistance; but we 
have recovered from the initial risk-off selling Friday morning. Meal is 
narrowly mixed and oil is 120 to 130 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. Early soybean planting should continue in many areas as well with the 
middle of the belt staying wetter. On the May contract, chart resistance is 
$11.65, where we find the 20-day moving average, with the Lower Bollinger Band 
at $11.53 as support.

WHEAT:

   Wheat futures are 4 to 10 cents lower with trade rebounding from the 
risk-off selling as we consolidate the week's gains heading toward the weekend. 
Weather for the Plains looks to keep the west warm and drier this week with the 
second week showing some better potential still. Matif wheat is weaker with the 
euro strength. Black sea area weather is expected to stay stable in the short 
term. 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.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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