DTN Midday Grain Comments     04/16 10:51

   Wheat, Soybean Futures Higher at Midday Thursday; Corn Mixed

   Corn futures are narrowly mixed at midday Thursday; soybean futures are 1 to 
2 cents higher; wheat futures are 15 to 25 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Thursday; soybean futures are 1 to 
2 cents higher; wheat futures are 15 to 25 cents higher. The U.S. stock market 
is mixed at midday with the S&P 13 points higher. The U.S. Dollar Index is 20 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude up 2.15 and natural gas up .04. Livestock trade is mostly lower. 
Precious metals are mixed with gold up 9.00.

CORN:

   Corn futures are narrowly mixed with softer spread action as we struggle to 
extend Wednesday's gains so far. Ethanol margins should remain strong in the 
short term as unleaded holds the upper end of the range. Weekly export sales 
were solid at 1.401 million metric tons (mmt). 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 $4.55 with the lower Bollinger Band at $4.39.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher with oil leading the product complex 
as we continue to trade at nearby resistance levels with the overall recent 
range continuing. Meal is 2.00 to 3.00 lower and oil is 160 to 170 points 
higher. South America should continue to push through remaining harvest. Basis 
is expected to remain flat in the short term. Weekly sales poor at 247,900 
metric tons (mt) old crop; 254,200 of meal; and 1,100 of oil. 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 are testing at midday with the Lower 
Bollinger Band at $11.30 as support.

WHEAT:

   Wheat futures are 15 to 25 cents higher at midday with KC trade getting back 
close to the recent highs as weather concerns pull in fresh buying. Weather for 
the Plains looks to keep the west warm and drier this week with the second week 
showing some better potential. Matif wheat is firmer, but not near the move for 
U.S. contracts. Weekly export sales were lackluster with 103,300 mt of old crop 
and 131,000 mt of new. 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 $6.13, 
which we moved back through Wednesday with the Upper Bollinger Band at $6.41 as 
resistance, which we are solidly above at midday.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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