DTN Midday Grain Comments     04/10 10:57

   Corn Futures Lower at Midday Friday; Soybeans Higher; Wheat Flat-Lower

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 8 
to 10 cents higher; wheat futures are flat to 3 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Friday; soybean futures are 8 
to 10 cents higher; wheat futures are flat to 3 cents lower. The U.S. stock 
market is mixed at midday with the S&P 6 points higher. The U.S. Dollar Index 
is 20 points lower. The interest rate products are weaker. Energy trade is 
mixed with crude up 1.00 and natural gas off .02. Livestock trade is mostly 
higher. Precious metals are mixed with gold off 12.00.

CORN:

   Corn futures are 2 to 3 cents lower with trade continuing to test support 
after an uneventful report as we head toward the weekend with little other 
fresh news with trade able to firm solidly off the early day session lows. On 
the report, carryout was unchanged at 2.127 billion bushels (bb), South 
American production was unchanged, and world stocks rose 2 million metric tons 
(mmt) to 294.8. Ethanol margins should remain strong with unleaded holding the 
upper end of the range. The daily export wire saw 125,640 metric tons (mt) sold 
to unknown. Basis likely continues to hold the recent range. New-crop price 
ratios are trending back toward soybeans this week. 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 we are testing at midday.

SOYBEANS:

   Soybean futures are 8 to 10 cents higher at midday with meal leading the 
product complex after an uneventful report Thursday. Meal is 12.50 to 13.50 
higher and oil is 40 to 50 points lower. On the report, carryout was unchanged 
at 350 million bushels (mb), South American production was unchanged, and world 
stocks were off .5 mmt to 124.8 million. 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. The daily wire was quiet with 100,000 mt of 
meal sold to Italy. On the May contract, chart resistance is $11.67 where we 
find the 20-day moving average, which we are above at midday with the Lower 
Bollinger Band at $11.30 as support.

WHEAT:

   Wheat futures are flat to 3 cents lower with trade continuing to hold the 
lower end of the range with a slightly negative report and little other fresh 
news. Weather for the Plains has some rain coverage staying to the eastern 
Plains but better potential coverage next week, with overall warmer temps to 
continue. On the report, carryout was 938 mb, up 7 million from last month with 
world stocks at 283.1 million, up 6.0 from last month. Matif wheat is mixed 
overnight as well. Black sea wheat is expected to see some near-term rains. 
MATIF wheat is lightly weaker today. 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 are testing overnight.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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