DTN Midday Grain Comments     04/22 10:55

   Corn, Wheat Futures Lower at Midday; Soybeans Higher

   Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 4 
to 6 cents higher; wheat futures are 1 to 3 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 4 
to 6 cents higher; wheat futures are 1 to 3 cents lower. The U.S. stock market 
is sharply higher with the S&P 105 points higher. The U.S. Dollar Index is 20 
points higher. The interest rate products are mixed. Energy trade is sharply 
higher with crude 1.50 higher and natural gas .06 lower. Livestock trade is 
sharply higher. Precious metals are firmer with gold up 12.00.

CORN:

   Corn futures are 3 to 4 cents lower at midday with firmer spread action as 
good planting progress and little fresh news has us backing off the upper end 
of the recent range. Ethanol margins are getting a boost from weaker corn and 
firmer unleaded this morning but remain lackluster overall. Planting will 
likely be slowed again with midweek rains with good progress before them. USDA 
reported Monday weekly progress at 12% planted versus 10% on average and 2% 
emerged, same as average. Basis should remain fairly flat in the short term. 
Double-crop weather in Brazil looks to keep OK moisture in place short term. On 
the May chart, the 20-day moving average at $4.69 is support with the upper 
Bollinger Band at $4.95 as resistance.

SOYBEANS:

   Soybean futures are 4 to 6 cents higher at midday with meal leading the 
product side of action as we continue to chop along rangebound with little 
other fresh news. Meal is 1.50 to 2.50 higher and oil is 10 to 20 points lower. 
South American weather allows for harvest pressure to keep easing as it moves 
forward with the cheaper dollar likely to keep support in place even with the 
light rally this morning. Early planting should continue around the rains. 
Weekly crop progress showed 8% planted versus 5% on average. Basis will likely 
remain sideways into the end of the month. On the May chart, support is the 
20-day moving average at $10.19, with the Upper Bollinger Band at $10.58 the 
next round up.

WHEAT:

   Wheat futures are 1 to 3 cents lower with Chicago wheat leading in quiet 
midday action with the firmer dollar and little other fresh news likely to keep 
upside limited today. The hard red wheat areas are expected to see better 
weather into the end of the month to help conditions rebound. Weekly crop 
progress showed 15% headed versus 13% on average with 45% good to excellent and 
21% poor to very poor, off 2% on the week. Spring wheat was 17% planted versus 
12% on average and 2% emerged, same as average. MATIF wheat is sharply lower 
with the euro strength as it returns from the Easter holiday. On the KC May 
chart, resistance is the 20-day moving average at $5.60 with the next level of 
support the Lower Bollinger Band at $5.49, which we are testing at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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