DTN Midday Grain Comments     04/27 10:54

   Corn, Soybean, Wheat Futures All Higher at Midday Monday

   Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are 
10 to 12 cents higher; wheat futures are 4 to 6 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are 
10 to 12 cents higher; wheat futures are 4 to 6 cents higher. The U.S. stock 
market is weaker at midday with the S&P 11 points lower. The U.S. Dollar Index 
is 14 points lower. The interest rate products are weaker. Energy trade is 
firmer with crude up 3.00 and natural gas up .11. Livestock trade is firmer 
with cattle leading. Precious metals are weaker with gold off 50.00.

CORN:

   Corn futures are 4 to 5 cents higher with buying picking up toward midday. 
Ethanol margins should remain solid even with corn firming with unleaded 
working to consolidate higher again to boost blender margins. The daily export 
wire was quiet to start the week with weekly export inspections still solid at 
1.644 million metric tons (mmt) with year-to-date pace at 130%. Basis likely 
continues to hold the recent range through the end of the month. Planting 
progress will slow short term with recent rains and cooler weather, but 
emergence and planting will likely be ahead of the five-year average on the 
weekly report. On the May chart, support is the 20-day moving average at $4.51 
with the Upper Bollinger Band at $4.62.

SOYBEANS:

   Soybean futures are 10 to 12 cents higher at midday to start the week with 
the tight sideways range continuing as meal leads the product side and we test 
back toward the upper end of the recent range. Meal is 7.50 to 8.50 higher and 
oil is 35 to 45 points higher. South American availability should remain good 
near term as harvest winds down. Basis is expected to remain flat in the short 
term with export remaining limited to keep overall action soft. The daily wire 
was quiet to start the week with weekly export inspections in line with recent 
weeks at 628,826 metric tons (mt) with year-to-date pace at 76%. Early soybean 
planting will slow in the short term with weekly pace still likely to be 
solidly above the five-year average. On the May contract chart, resistance is 
$11.65 where we find the 20-day moving average, which we are solidly above at 
midday, and support is the Lower Bollinger Band at $11.55.

WHEAT:

   Wheat futures are 4 to 6 cents higher with Chicago leading so far, as we 
assess benefits from improved Plains weather and prior damage from cold and 
drought, with action still near the top of the range. The western Plains look 
to stay a little cooler and wetter short term with the weekly report likely to 
show further decline in condition and maturity well ahead of average with 
spring wheat planting in line with average. Matif wheat is lightly weaker to 
start. Black sea area weather is expected to show little to short-term change. 
Weekly export inspections were at 365,156 mt with year-to-date pace at 112%. On 
the KC May chart, support is the 20-day moving average at $6.25 with the fresh 
high at $6.75 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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