DTN Midday Grain Comments 04/04 10:50

DTN Midday Grain Comments 04/04 10:50 Corn Higher, Beans Lower and Wheat Mixed at Midday Thursday Corn trade is 1-2 cents higher; beans are 5-7 cents lower and wheat trade is 2 cents lower to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday Thursday with the S&P 35 points higher. The dollar index is 19 points lower. The interest rate products are firmer. Energies are weaker with crude off 20 cents and natural gas down a nickel. Livestock trade is mostly higher. Precious metals are firmer with gold up $1. CORN: Corn trade is 1-2 cents higher at midday with trade pressing back towards nearby resistance with firmer spread action as we look to extend the Wednesday recovery. The weekly ethanol report saw production and stocks work higher, keeping a lid on producer margins short term. The weekly export sales pulled back a little at 948,000 metric tons (mt) with the daily wire quiet again today. Near-term weather looks to warm up enough to push fieldwork in the drier spots. On the May chart, the 20-day at $4.36 is nearby resistance with our support area at the $4.24 1/2 weekly low to the lower Bollinger Band at $4.26. SOYBEANS: Soybean trade is 5-7 cents lower at midday with trade fading a bit from overnight strength with product action still mixed and little fresh news otherwise to drive trade. Meal is $2 to $3 higher, and oil is 90 to 100 points lower. South American harvest progress in Brazil and Argentina shows little worry going into the end of the season. The daily wire showed 154,404 mt sold to Mexico for new crop. Basis should remain flat short term domestically. The weekly export sales eased lower seasonally at 194,000 mt of soybeans, 202,200 of old meal and 32,600 of new crop, with 3,100 of oil. The May soybean futures have support at the $11.67 lower Bollinger Band with the contract low down at $11.29. Chart resistance is at the 20-day moving average at $11.90 which we faded from this morning. WHEAT: Wheat trade is 2 cents lower to 5 cents higher with Minneapolis action leading at midday with trade working to consolidate into the upper end of the range. The Plains will see seasonal temperatures short term with some moisture in the forecast that is needed. The dollar continues to fade a bit with MATIF wheat edging back below $200 a ton. The weekly export sales were soft on old crop at 16,100 mt with 262,000 new crop sold. On the KC May chart, support remains at the lower Bollinger Band at $5.59 and the $5.51 low with resistance at the $5.90 50-day moving average. David Fiala can be reached at [email protected]. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.