DTN Midday Grain Comments     05/01 10:51

   Corn, Soybean Futures Lower at Midday; Wheat Mixed

   Corn futures are 3 to 4 cents lower at midday Thursday; soybean futures are 
3 to 4 cents lower; wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Thursday; soybean futures are 
3 to 4 cents lower; wheat futures are narrowly mixed. The U.S. stock market is 
firmer with the S&P 75 points higher. The U.S. Dollar Index is 80 points 
higher. The interest rate products are weaker. Energy trade is firmer with 
crude .40 higher and natural gas .10 higher. Livestock trade is mostly lower. 
Precious metals are weaker with gold down 95.00.

CORN:

   Corn futures are 3 to 4 cents lower at midday with trade fading back to the 
lower end of the range with softer spread action after early gains fizzled. 
Ethanol margins are getting a little support from corn pulling back and 
unleaded coming off the lows. Warmer weather into midmonth should keep planters 
rolling ahead of the average pace with OK moisture coverage. Weekly export 
sales remained solid at 1.014 million metric tons (mmt) old crop and 244,700 
metric tons (mt) new crop. Basis should start to firm a little into May as 
fieldwork picks up more. Double-crop weather in Brazil should continue to allow 
for good crop development. On the July chart, the 20-day moving average at 
$4.81 is resistance, which we tested overnight, with support the lower 
Bollinger Band at $4.61.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower with meal weakness offsetting oil 
turning higher with additional fresh news remaining limited. Meal is 3.00 to 
4.00 lower and oil is 30 to 40 points higher. South America shows little 
short-term change as remaining harvest heads toward the homestretch. Warmer 
weather should boost emergence for early planted soybeans as planting progress 
should remain solid short-term around the scattered rains. Weekly export sales 
were slightly improved at 428,200 mt of old-crop; 50,000 mt of new-crop; 
323,100 of meal; 8,200 of oil. Basis will likely remain sideways into the end 
of the month. On the July chart, support is the 20-day moving average at 
$10.39, with the Upper Bollinger Band at $10.79 the next round up.

WHEAT:

   Wheat futures are narrowly mixed at midday with trade remaining oversold and 
the firmer dollar limiting upside along with little other fresh news. The hard 
red wheat areas are expected to see further showers to continue to promote crop 
development short term. MATIF wheat is flat at the lower end of the range as 
well. Weekly export sales were OK at 72,000 mt of old-crop and 238,800 mt of 
new-crop. On the KC July chart, resistance is the 20-day moving average at 
$5.61, with the next level of support the fresh low at $5.26.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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