DTN Midday Grain Comments 04/03 12:05

DTN Midday Grain Comments 04/03 12:05 Corn, Wheat Futures Higher at Midday, Soybean Futures Flat to Lower Corn futures are 3 cents higher at midday Wednesday; soybean futures are flat to 3 cents lower and wheat trade is 8 to 14 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 10 points higher. The U.S. Dollar Index is 49 points lower. The interest rate products are weaker. Energies are higher with crude oil up 60 cents. Livestock trade is mixed with hog prices higher and cattle lower. Precious metals are firmer with gold up 23.00. CORN: Corn futures are 3 cents higher at midday after trading as much as 6 cents higher. Overnight support was found at the lower end of the weekly range after the bullish planting intention number rally faded during the report day last Thursday. The high last Thursday to the low yesterday marked a quick 24-cent drop on the May contract. Outside markets are supportive. Ethanol margins remain within the recent range; the margins are one reason noted behind the quick stall in the report rally. The weekly export sales are expected to be in the 900,000-to-1.05 million metric ton range tomorrow. On the May chart, the 20-day moving average at $4.36 is nearby resistance, with our support area from at the $4.24 1/2 weekly low to the lower Bollinger Band at $4.26. SOYBEANS: Soybean futures trade is flat on new crop to 3 cents lower on nearby, with the new crop versus old crop spreads moving to new lows -- with only around 6 cents inversion from July to November here at midday. Meal is $1.40 lower and oil is 15 points lower. South American harvest progress in Brazil and Argentina shows little worry going into the end of the season. The daily wire has remained quiet again today with the market wanting to see some friendly news to support nearby futures. Basis should remain flat short-term domestically. The weekly export sales are expected to be in the 200,000 to 400,000 metric ton range tomorrow. The May soybean futures have support at the $11.59 lower Bollinger Band, then the contract low down at $11.29. Chart resistance is at the 20-day moving average at $11.89 which we broke below yesterday, after the few days of consolidation around the 20-day moving average following the USDA numbers last Thursday. WHEAT: The three wheat futures were up 8 to 14 cents at midday. Chicago appears to be trying to break out higher, KC looks sideways and Minneapolis has flirted with some new lows. The plains will see seasonal temperatures in the short term with some moisture in the forecast that is needed. The weekly export sales are expected tomorrow to be in the range of 250,000 to 450,000 metric tons. Some good demand news would be welcome. On the KC May Chart, support remains at the lower Bollinger Band at $5.59, then the $5.51 low with resistance at the $5.90 50-day moving average. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.