DTN Midday Grain Comments     04/22 11:10

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

   Corn futures are 2 to 3 cents higher at midday Wednesday; soybean futures 
are 2 to 3 cents lower; wheat futures are flat to 2 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Wednesday; soybean futures 
are 2 to 3 cents lower; wheat futures are flat to 2 cents higher. The U.S. 
stock market is firmer at midday with the S&P 60 points higher. The U.S. Dollar 
Index is 10 points higher. The interest rate products are mixed. Energy trade 
is firmer with crude up 2.65 and natural gas up .05. Livestock trade is mixed. 
Precious metals are firmer with gold up 30.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with trade trying to 
consolidate past nearby resistance after the strong close Tuesday with a bit of 
an outside market tailwind. Ethanol margins should remain solid, but the weekly 
report showed production off by 80,000 barrels per day, with stocks up by 
200,000 barrels. Weekly export sales are expected to be in the 1.0 million to 
1.15 million metric ton (mmt) range Thursday. 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 in the short term. On the May 
chart, resistance is the 20-day moving average at $4.53, which we are just 
above, with the lower Bollinger Band at $4.39 as support.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower at midday with oil holding contract 
highs and trade working to consolidate into the upper end of the recent range. 
Meal is flat to 1.00 lower and oil is 35 to 55 points higher. 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 with improved crush margins possibly helping action. Weekly export 
sales are expected to be in the 300,000 to 500,000 metric ton (mt) range. Early 
soybean planting should continue in many areas as well with the middle of the 
belt staying wetter. On the May contract, chart support is $11.66 where we find 
the 20-day moving average which moved well above Tuesday, with the Upper 
Bollinger Band at $11.78 as the next round up.

WHEAT:

   Wheat futures are flat to 2 cents higher with trade continuing to work just 
below the highs as we wait for further weather developments along with row-crop 
spillover. Weather for the Plains looks to keep the west warmer and drier until 
a cooler and wetter stretch emerges this weekend with the main focus along the 
Nebraska/Kansas line. Matif wheat is flat Wednesday. Black Sea area weather is 
expected to stay stable in the short term. Weekly export sales are expected to 
be in the 200,000 to 450,000 mt range. On the KC May chart, support is the 
20-day moving average at $6.18 with the Upper Bollinger Band at $6.53.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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