DTN Midday Grain Comments 04/15 10:59

DTN Midday Grain Comments 04/15 10:59 Corn, Beans and Wheat Lower at Midday Morning Corn trade is 4-5 cents lower; beans are 12-13 cents lower and wheat trade is 6-10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 8 points higher. The dollar index is up 10 points. The interest rate products are weaker. Energies are weaker with crude off $1.10 and natural gas off 6 cents. Livestock trade has cattle leading mixed trade. Precious metals are mixed with gold off $10.50. CORN: Corn is 4-5 cents lower at midday with trade continuing to chop along the recent range to start the week with reactions to world events over the weekend muted. Ethanol margins remain range-bound as well with spring driving demand unexceptional so far. The daily wire saw 165,000 metric tons of mostly old-crop sold to Mexico with weekly export inspections remaining strong at 1.332 million metric tons. Basis should remain steady to firm short term as fieldwork picks up. Near-term weather looks to bring some storms before a stretch of cooler weather into the weekend with weekly crop progress likely to show planting remaining just ahead of the five-year average. The second-crop in Brazil should continue to develop with limited short-term concerns. On the May chart, the 20-day at $4.34 is nearby resistance which we edged back below overnight with our support of the lower Bollinger Band at $4.26. SOYBEANS: Soybean trade is 12-13 cents lower with mixed product action continuing along with action holding just off the lower end of the range with the broad weakness to start the week. Meal is $6 to $7 lower and oil is 10 to 20 points higher. South America continues to see few issues short term as harvest rolls on in Brazil and the growing season winds down in Argentina as the export window expands for them. The daily wire was quiet to start the week with weekly export inspections remaining seasonally rangebound at 432,905 metric tons. Planting in the U.S. should start to advance a little more this week with overall progress likely near the five-year average on the crop progress report. The monthly crush report is expected to show another record for March. May soybean futures have support at the $11.57 lower Bollinger Band which we tested this morning. Chart resistance is at the 20-day moving average at $11.85. WHEAT: Wheat trade is 6-10 cents lower with overall rangebound action ongoing with Chicago action leading so far. The Plains will see seasonal temperatures short term with some storms possible before a cool down at the end of the week. The dollar continues to limit the upside with action held at the upper end of the range with MATIF wheat seeing mixed action as well. Weekly crop progress is expected to show a slight decline in conditions but still well above the recent year with maturity just ahead of the five-year average. Weekly export inspections came in at the upper end of expectations at 551,278 metric tons. On the KC May chart, support is the 20-day at $5.81 that we popped back through last week, with the Upper Bollinger band at $5.95 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.