DTN Midday Grain Comments     04/24 10:45

   Soybean, Wheat Futures Lower at Midday Friday; Corn Flat-Lower

   Corn futures are flat to 1 cent lower at midday Friday; soybean futures are 
2 to 3 cents lower; wheat futures are 2 to 10 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent lower at midday Friday; soybean futures are 
2 to 3 cents lower; wheat futures are 2 to 10 cents lower. The U.S. stock 
market is mixed at midday with the S&P 35 points higher. The U.S. Dollar Index 
is 12 points lower. The interest rate products are firmer. Energy trade is 
softer with crude off .50 and natural gas off .09. Livestock trade is mixed 
with cattle leading. Precious metals are mixed with gold up 15.00.

CORN:

   Corn futures are flat to 1 cent lower at midday with light two-sided action 
as we continue to chop along the upper end of the recent range. Ethanol margins 
should remain solid even with corn firming as spring driving demand has been a 
little soft to start. The daily export wire was quiet to end the week. Basis 
likely continues to hold the recent range through the end of the month. 
Planting progress should pick up in many areas with rains expected to expand to 
the western end of the Corn Belt this weekend. On the May chart, support is the 
20-day moving average at $4.51 with the Upper Bollinger Band at $4.62.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower with flat product action, as soybeans 
sink back into the middle of the recent range, as they failed to hold above 
nearby resistance again at midweek with little other fresh bullish news to 
entice buyers. Meal is flat to 1.00 higher and oil is narrowly mixed. South 
American availability should remain good near term as harvest winds down. Basis 
is expected to remain flat short term with improved crush margins possibly 
helping action although momentum slowed this week. The daily wire was quiet to 
end the week. 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 which we failed to hold at 
midweek, and support is the Lower Bollinger Band at $11.55.

WHEAT:

   Wheat futures are 2 to 10 cents lower at midday with KC the downside leader 
as the extended forecast looks wetter for the western Plains. The western 
Plains look to receive beneficial rains with freeze damage likely to show more 
on next week's report with follow up rains likely needed to sustain improvement 
as we get deeper into heading. Matif wheat is lightly weaker. Black sea area 
weather is expected to show little short-term change. On the KC May chart, 
support is the 20-day moving average at $6.25 with the fresh high at $6.75 as 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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