DTN Midday Grain Comments     04/14 10:46

   Corn, Wheat Futures Higher at Midday Tuesday; Soybeans Flat-Higher

   Corn futures are 2 to 3 cents higher at midday Tuesday; soybean futures are 
flat to 1 cent higher; wheat futures are 9 to 18 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Tuesday; soybean futures are 
flat to 1 cent higher; wheat futures are 9 to 18 cents higher. The U.S. stock 
market is firmer at midday with the S&P 60 points higher. The U.S. Dollar Index 
is 30 points lower. The interest rate products are firmer. Energy trade is 
weaker with crude off 5.70 and natural gas off .04. Livestock trade is mixed 
with cattle leading. Precious metals are firmer with gold up 50.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with trade once again trying 
to build momentum off the lower end of the range after fading Monday. Ethanol 
margins should remain strong with unleaded holding the upper end of the range 
with spring driving demand holding up for now. The daily export wire saw sales 
of 316,000 metric tons to Mexico and 120,000 mt to unknown. Basis likely 
continues to hold the recent range. USDA reported planting progress at 5% 
versus 4% on average. The center of the Corn Belt is likely to stay slow in 
progressing. On the May chart, resistance is the 20-day moving average at $4.57 
with the lower Bollinger Band at $4.39, which we closed back above Monday.

SOYBEANS:

   Soybean futures are flat to 1 cent higher at midday with meal leading the 
product complex again as we continue to struggle to hold strength. Meal is 1.50 
to 2.50 higher and oil is 15 to 25 points lower. South America should continue 
to push through remaining harvest. Basis may drift lower in the short-term 
depending on how crush margins hold up through midmonth. Weekly crop progress 
showed planting at 6% complete versus 2% on average. On the May contract, chart 
resistance is $11.67, where we find the 20-day moving average, which we tested 
overnight, with the Lower Bollinger Band at $11.30 as support.

WHEAT:

   Wheat futures are 9 to 18 cents higher at midday with KC action leading 
again after slight condition declines as we look to consolidate the bounce we 
saw Monday. 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 lightly 
firmer to start. Weekly crop progress showed heading at 11% versus 7% on 
average, with conditions 1% lower to 34% good to excellent, and 32% poor to 
very poor with spring wheat 6% planted versus 7% on average. On the KC May 
chart, resistance is the 20-day moving average at $6.12, which we are above at 
midday, with the lower Bollinger Band at $5.86 as support.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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