DTN Midday Grain Comments     04/13 10:53

   Corn, Wheat Futures Higher at Midday Monday; Soybeans Lower

   Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 8 
to 10 cents lower; wheat futures are 15 to 22 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 8 
to 10 cents lower; wheat futures are 15 to 22 cents higher.  The U.S. stock 
market is mixed at midday with the S&P 2 points higher. The U.S. Dollar Index 
is 15 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up 5.90 and natural gas flat. Livestock trade is mixed. 
Precious metals are weaker with gold off 55.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with action firming off the 
lower end of the range as we wait for further weather developments at the start 
of planting along with world events. Ethanol margins should remain strong with 
unleaded holding the upper end of the range. Weekly export inspections were 
solid at 1.783 million metric tons (mmt), keeping year-to-date pace at 134%. 
Basis likely continues to hold the recent range. New-crop price ratios are 
trending back toward soybeans this week with planting progress likely in line 
with the five- year average with the center of the belt 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 $4.41 as support, which is where we closed 
Friday.

SOYBEANS:

   Soybean futures are 8 to 10 cents lower at midday with softer spread action 
as trade works to consolidate past resistance after the Friday gains. Meal is 
3.00 to 4.00 higher and oil is 10 to 20 points lower. South America progress 
should remain on or ahead of pace with seasonal export availability to pick up 
further in the short term. Basis may drift lower in the short term, depending 
on how crush margins hold up through midmonth. Weekly export inspections were 
OK at 814,562 metric tons (mt) with year-to-date pace at 75%. Weekly crop 
progress will likely show early planting in line with average. On the May 
contract, chart resistance is $11.67 where we find the 20-day moving average, 
which we closed above, with the Lower Bollinger Band at $11.30 as support.

WHEAT:

   Wheat futures are 15 to 22 cents higher at midday with broad buying as 
weather concerns help lift KC trade ahead of USDA's crop condition report 
Monday afternoon. 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. Black sea wheat is expected to see some near-term 
rains as well. Weekly crop progress is expected to show heading ahead of the 
five-year average, with flat to lower conditions with spring wheat planting in 
line with average. Weekly export inspections were a bit softer at 320,797 mt 
with year-to-date pace at 115%. On the KC May chart, resistance is the 20-day 
moving average at $6.16, which we faded below to end last week, with the lower 
Bollinger Band at $5.88 as support, which we closed just above on Friday.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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