DTN Midday Grain Comments     04/02 10:48

   Corn, Soybean Futures Lower at Midday Thursday; Wheat Flat-Higher

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

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
1 to 2 cents lower; wheat futures are flat to 5 cents higher. The U.S. stock 
market is flat at midday with the S&P 1 points lower. The U.S. Dollar Index is 
30 points higher. The interest rate products are firmer. Energy trade is 
sharply higher with crude up 9.50 and natural gas unchanged. Livestock trade is 
mostly higher with cattle scoring new highs after early weakness. Precious 
metals are weaker with gold off 125.00.

CORN:

   Corn futures are 1 to 2 cents lower at midday with trade fading back from 
early strength to consolidate further at the lower end of the range. Ethanol 
margins should improve if the energy surge holds. Weekly export sales were 
solid at 1.15 million metric tons (mmt) of old crop and 102,600 mt of new. 
Basis likely continues to hold the recent range. New-crop price ratios are flat 
Thursday morning. On the May chart, resistance is the 20-day moving average at 
$4.59 with the lower Bollinger Band at $4.46 as support.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower with weaker spread action as trade 
continues to consolidate with meal losses offsetting oil strength. Meal is 1.50 
to 2.50 lower and oil is 120 to 130 points higher. South America progress 
should remain on or ahead of pace with seasonal export availability good. Basis 
should stay flat in the short term with nearby availability remaining good for 
end users. Weekly sales still soft at 353,600 mt. On the May contract, chart 
resistance is $11.78, where we find the 20-day moving average, with the Lower 
Bollinger Band at $11.32 as support.

WHEAT:

   Wheat futures are flat to 5 cents higher at midday with light buying as we 
work to rebound again from nearby support heading into the long weekend with 
row-crop weakness limiting upside. Weather for the Plains has some rain 
coverage overnight with warmer weather and above-normal moisture expected next 
week. Matif wheat is firmer to start the day. Weekly export sales were soft at 
23,500 metric tons of old crop and 272,800 of new. On the KC May chart, support 
is the 20-day moving average at $6.19, which we are testing at midday, with 
resistance the fresh high at $6.48 1/2.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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