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DTN Midday Grain Comments 04/17 10:45
Corn, Soybeans, Wheat Futures Lower at Midday Friday
Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 1
to 2 cents lower; wheat futures are 4 to 10 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 1
to 2 cents lower; wheat futures are 4 to 10 cents lower. The U.S. stock market
is sharply firmer at midday with the S&P is 92 points higher. The U.S. Dollar
Index is 30 points lower. The interest rate products are firmer. Energy trade
is sharply weaker with crude off 10.00 and natural gas up .04. Livestock trade
is sharply lower. Precious metals are firmer with gold up 88.00.
CORN:
Corn futures are 1 to 2 cents lower at midday with buying coming back after
the early risk-off trade after the announcement of the reopening of the Strait
of Hormuz. Ethanol margins should remain strong in the short term as unleaded
premiums remain substantial. Basis likely continues to hold the recent range.
Planting progress should pick up in many areas with rains confined to the
central part of the Corn Belt. On the May chart, resistance is the 20-day
moving average at $4.53 with the lower Bollinger Band at $4.39.
SOYBEANS:
Soybean futures are 1 to 2 cents lower with oil the downside leader on the
product complex with trade again fading back from short-term resistance; but we
have recovered from the initial risk-off selling Friday morning. Meal is
narrowly mixed and oil is 120 to 130 points lower. South America should
continue to push through remaining harvest as they take more of the world
export share in the short term. Basis is expected to remain flat in the short
term. Early soybean planting should continue in many areas as well with the
middle of the belt staying wetter. On the May contract, chart resistance is
$11.65, where we find the 20-day moving average, with the Lower Bollinger Band
at $11.53 as support.
WHEAT:
Wheat futures are 4 to 10 cents lower with trade rebounding from the
risk-off selling as we consolidate the week's gains heading toward the weekend.
Weather for the Plains looks to keep the west warm and drier this week with the
second week showing some better potential still. Matif wheat is weaker with the
euro strength. Black sea area weather is expected to stay stable in the short
term. On the KC May chart, support is the 20-day moving average at $6.15 with
the Upper Bollinger Band at $6.45 as resistance, which we are just below.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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