DTN Midday Grain Comments     04/29 10:57

   Corn, Soybeans Higher at Midday Wednesday; Wheat Flat to Higher

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 5 to 6 cents higher; wheat futures are flat to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 5 to 6 cents higher; wheat futures are flat to 5 cents higher. The U.S. 
stock market is mixed at midday with the S&P 5 points lower. The U.S. Dollar 
Index is 18 points higher. The interest rate products are weaker. Energy trade 
is mostly higher with crude up 5.30 and natural gas off .05. Livestock trade is 
mostly higher with live cattle holding the highs. Precious metals are weaker 
with gold off 53.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with light buying continuing 
as trade presses into resistance and December action is just short of $5.00. 
Weekly ethanol production slumped by 31,000 barrels per day while stocks were 
down by 1.1 million barrels on the week which should boost margins coming 
forward. The daily export wire remained quiet with weekly sales expected to be 
in the 700,000 to 1.0 million metric ton range tomorrow. Basis likely continues 
to hold the recent range through the end of the month and the transitions to 
July being front month. Planting progress should start to pick back up with 
more open weather. On the July chart support is the 20-day at 4.61 with the 
Upper Bollinger Band at $4.75 which we are above at midday.

SOYBEANS:

   Soybean futures are 5 to 6 cents higher at midday with trade again testing 
upside resistance, with oil leading the product complex as it scores another 
new high. Meal is 3.00 to 4.00 lower, and oil is 85 to 95 points higher. South 
American availability should remain good near term as harvest winds down. Basis 
is expected to remain flat short term with export remaining limited to keep 
overall action soft as July becomes front month. The daily wire stayed quiet as 
well with weekly sales expected to be in the 200,000 to 400,000 metric ton 
range tomorrow. Planting pace should pick back up as weather opens up for many. 
On the July contract chart support is 11.82 where we find the 20-day moving 
average, and resistance is the Upper Bollinger Band at $11.95 which we are 
testing at midday.

WHEAT:

   Wheat futures are flat to 5 cents higher with another set of highs coming in 
as KC looks to consolidate past $7.00 as the forecast remains limited in 
further relief for the plains but we have faded a dime from the early highs. 
The western plains are expected to remain mostly dry short term with the better 
rains to the south where the crop is more advanced. Spring wheat planting 
should expand more with open weather. Matif wheat is firming for new crop as 
well. Black sea area weather has held the recent pattern. Weekly export sales 
are expected to be in the 250,000 to 500,000 metric ton range between crop 
years. On the KC July Chart support is the 20-day at $6.46 with the fresh high 
at $7.18 1/2 as resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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