DTN Midday Grain Comments     04/28 10:49

   Corn, Wheat Futures Higher at Midday Tuesday; Soybeans Lower

   Corn futures are 3 to 4 cents higher at midday Tuesday; soybean futures are 
6 to 7 cents lower; wheat futures are 12 to 20 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Tuesday; soybean futures are 
6 to 7 cents lower; wheat futures are 12 to 20 cents higher. The U.S. stock 
market is mixed at midday with the S&P 55 points lower. The U.S. Dollar Index 
is 18 points higher. The interest rate products are weaker. Energy trade is 
mixed with crude up 3.00 and natural gas off .01. Livestock trade is mixed with 
live cattle back to the highs. Precious metals are weaker with gold off 110.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with trade pressing back 
toward the upper end of the spring range with flat to soft spread action so 
far. Ethanol margins should remain solid even with corn firming as unleaded 
works to consolidate higher again to boost blender margins into spring. Basis 
likely continues to hold the recent range through the end of the month and the 
transition to July being front month. Planting progress will slow in the short 
term with recent rains and cooler weather. The weekly crop progress report 
showed 25% planted versus 19% on average and 7% emerged versus 4% on average. 
On the May chart, support is the 20-day moving average at $4.51 with the Upper 
Bollinger Band at $4.62, which we are testing at midday.

SOYBEANS:

   Soybean futures are 6 to 7 cents lower with trade still unable to push 
through nearby resistance with product momentum slowing. Meal is flat to 1.00 
lower and oil is 20 to 30 points higher. South American availability should 
remain good in the near term as harvest winds down. Basis is expected to remain 
flat in the short term with exports remaining limited to keep overall action 
soft as July becomes front month. Early soybean planting will slow in the short 
term with weekly report showing 23% planted versus 12% on average and 8% 
emerged versus 1% on average. On the May contract, chart support is $11.65, 
where we find the 20-day moving average, and resistance is the Upper Bollinger 
Band at $11.77.

WHEAT:

   Wheat futures are 12 to 22 cents higher at midday with trade scoring another 
set of fresh highs as we get close to the $7.00 July for KC trade. The western 
Plains look to stay a little cooler and wetter in the short term. The weekly 
crop progress and condition report showed 30% good to excellent (unchanged from 
last week) for winter wheat and 35% poor to very poor (up 2 percentage points) 
with 35% headed versus 21% on average. Spring wheat is 19% planted versus 22% 
on average and 5% emerged versus 4% on average. Matif wheat is sharply firmer 
as well. Black sea area weather is expected to show little short-term change. 
On the KC May chart, support is the 20-day moving average at $6.29 with the 
fresh high at $6.90 3/4 as resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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