DTN Midday Grain Comments 04/09 10:56

DTN Midday Grain Comments 04/09 10:56 Soybean Futures Higher at Midday Tuesday; Wheat Lower; Corn Flat to Lower Corn futures are flat to a penny lower at midday Tuesday; soybean futures are 1 to 2 cents higher; wheat futures are 2 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny lower at midday Tuesday; soybean futures are 1 to 2 cents higher; wheat futures are 2 to 8 cents lower. The U.S. stock market is weaker at midday with the S&P 25 lower. The U.S. Dollar Index is unchanged. The interest rate products are firmer. Energies are mixed with crude off 85 cents and natural gas up 4 cents. Livestock trade is mostly higher. Precious metals are firmer with gold up 16.50. CORN: Corn futures are 1 to 2 cents lower at midday with firmer spread action as we work back toward unchanged after early day session weakness. Ethanol margins should remain rangebound in the short term with nearby supplies benefiting blenders more than producers. Basis should remain steady to firm in the short term. Near-term weather looks warm enough to push fieldwork in the drier spots with weekly crop progress showing planting at 3% versus 2% on average and rains to slow action in the southern and eastern growing areas. Little short-term issue is seen in double-crop areas of Brazil as well. On the May chart the 20-day at $4.35 is nearby resistance, which we faded from overnight, with our support the lower Bollinger Band at $4.26. SOYBEANS: Soybean futures are 1 to 2 cents higher with action bouncing back from a test of the lower end of the range with meal retaking the lead on the product side. Meal is 1.50 to 2.50 higher and oil is 20 to 30 points lower. South America continues to see few issues in the short term as harvest rolls on in Brazil and the growing season winds down in Argentina. Tuesday morning USDA reported private export sales of 124,000 metric tons (mt) of soybeans to unknown destinations for delivery during the 2023/2024 marketing year. Planting in the U.S. should start to advance with warmer temps in some areas, but overall progress will remain limited. The May soybean futures have support at the $11.70 lower Bollinger Band. Chart resistance is at the 20-day moving average at $11.91, which we faded from Monday. WHEAT: Wheat futures are 2 to 8 cents lower at midday with action again fading from the upper end of the recent range while spread action remains fairly solid with firmer action showing up from the early lows. The Plains will see seasonal temperatures in the short term with a bit drier short-term look for the HRW areas with Black Sea area weather expected to see better moisture the second week, along with wet conditions in France. The dollar is back to the middle of the recent range ahead of this week's inflation numbers with MATIF wheat fading back towards support levels as well. Weekly conditions were slightly lower with poor to very poor rising 1% to 12% with good to excellent unchanged at 56% with 6% headed versus 5% on average. On the KC May chart, support is the 20-day moving average at $5.82 that we are back below this morning, with the Upper Bollinger band at $5.99 as resistance. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.