DTN Midday Grain Comments     04/24 10:45

   Corn Flat to Lower, Beans and Wheat Higher

   Corn trade is flat to a penny lower; beans are 4-5 cents higher and wheat 
trade is 4-12 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is mixed at midday with the S&P 10 points lower. The 
dollar index is up 20 points. The interest rate products are weaker. Energies 
are weaker with crude down .55 cents and natural gas off 10 cents. Livestock 
trade is mostly lower. Precious metals are mixed with gold up $4.

CORN:

   Corn is flat to a penny lower at midday Wednesday with action holding the 
upper end of the range with flat spread action and little fresh news to expand 
moves. The weekly ethanol report showed production falling by another 29,000 
barrels per day, with stocks off by another 347,000 barrels. Near-term weather 
looks warmer and wetter for much of the belt which should keep planting moving 
along ahead of the rains, and boost emergence.

   The daily wire was quiet again today with weekly sales expected to be in the 
600,000 to 750,000 metric ton range. Little change is seen near term for South 
American weather with some areas of concern lingering. On the May chart, the 
20-day at $4.32 is nearby support which we closed just above Friday with the 
recent high at $4.48 the next level of resistance.

SOYBEANS:

   Soybeans are 4-5 cents higher at midday with mixed product action keeping 
action sideways as meal tests its recent highs. Meal is .50 cent to $1.50 
higher and oil 35 to 45 points lower. Brazil's harvest should be just about 
wrapped up, with Argentina bushels coming soon as the South America export 
season will stay in high gear.

   The daily wire was quiet again today with weekly sales expected to be in the 
300,000-500,000 metric ton range. Planting progress should expand in the drier 
areas with warmer weather to boost early emergence. May soybean futures have 
support at the $11.28 recent low. Chart resistance is at the 20-day moving 
average at $11.71 which we are just above at midday.  

WHEAT:

   Wheat trade is 4-12 cents higher at midday with KC action leading again as 
trade works to consolidate the recent rally further with spillover world 
support helping to keep things moving. The Plains will see seasonal to 
above-normal temps to push the crop along with better overall rain chances the 
next two weeks to support development, while Black Sea concerns continue with 
recent dryness.

   The dollar continues to work a bit short of the highs with MATIF wheat 
holding at the upper end of the range. On the KC May chart, support is the 
20-day at $5.84, with the fresh high at 6.21 1/2 as further resistance.

   David Fiala can be reached at dfiala@futuresone.com. 

   Follow him on social platform X @davidfiala.




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