DTN Midday Grain Comments 04/16 10:48

DTN Midday Grain Comments 04/16 10:48 Corn, Beans Lowered; Wheat Mixed at Midday Tuesday Corn trade is 1-2 cents lower. Beans are 5-6 cents lower and wheat trade is 5 cents lower to 2 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 7 points lower. The dollar index is up 7 points. The interest rate products are weaker. Energies are firmer with crude up $0.20 and natural gas off 2 cents. Livestock trade is solidly higher. Precious metals are mixed with gold up $18.50. CORN: Corn is 1-2 cents lower at midday with rangebound action continuing with little news to change market direction for the moment after early attempts to put risk premium back in over world events faded overnight. Ethanol margins remain range-bound as well with spring driving demand unexceptional so far with blender margins remaining good. The daily wire was quiet today. Basis should remain sideways until the end of the month. Near-term weather looks to bring some further rains before a stretch of cooler weather into the weekend with weekly crop progress showing planting at 6% vs. 5% on 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 with our support of the lower Bollinger Band at $4.25. SOYBEANS: Soybean trade is 5-6 cents lower at midday with the continued erosion in oil values keeping pressure on trade along with continued export pressure out of South America seasonally. Meal is $0.50 to $1.50 lower and oil is 40 to 50 points lower. 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 remained quiet today. Planting in the U.S. should start to advance a little more this week with planting progress at 3% vs. 1% on average with this week's weather systems likely to slow progress again. The monthly crush report was a record again in March but growing oil stocks are a limiting factor for upside. May soybean futures have support at the $11.50 lower Bollinger Band which we tested this morning. Chart resistance is at the 20-day moving average at $11.83. WHEAT: Wheat trade is 5 cents lower to 2 cents higher as we look to consolidate further above nearby support with the mixed recent action. The Plains will see seasonal temperatures start to give way to a cooler stretch at the end of the week with overall moisture prospects better the second week. The dollar continues to limit upside with action holding at the upper end of the range with MATIF wheat seeing softer action. Weekly crop progress showed heading at 11% vs. 7% on average, with good to excellent off 1% to 55% and poor to very poor up 1% to 13% while spring wheat was 7% planted vs. 6% on average. 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.