DTN Midday Grain Comments 04/17 10:52

DTN Midday Grain Comments 04/17 10:52 Corn and Wheat Lower, Beans Mixed at Midday Wednesday Corn trade is narrowly mixed. Beans are 6-8 cents higher and wheat trade is flat to 6 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday with the S&P 20 points lower. The dollar index is off 3 points. The interest rate products are firmer. Energies are weaker with crude of .80 and natural gas off 7 cents. Livestock trade is weaker. Precious metals are mixed with gold off $4. CORN: Corn is narrowly mixed with quiet range-bound action continuing with little fresh news to drive trade so far today. The weekly ethanol report showed production was off more than expected, dropping by 73,000 barrels per day, with stocks off by 128,000 barrels with overall driving demand remaining soft. Basis should remain sideways until the end of the month. Near-term weather looks to slow planting progress a bit with cooler temps short term after rains yesterday and more chances for moisture as it warms up the second week. The daily wire remained quiet with export sales expected to be in the 400,000 to 600,000 metric ton range tomorrow. The second crop in Brazil should continue to develop without major immediate concerns with some excess moisture disease concerns in Argentina. 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 6-8 cents higher with light short covering and broader product strength helping to push trade higher at midday. Meal is $3.50 to $4.50 higher and oil is 25 to 35 points higher. Brazil's harvest is winding down, with Argentina still battling a bit of short-term excess moisture as its export window continues to expand. The daily wire remained quiet today with weekly sales expected to be in the 250,000-400,000 metric ton range tomorrow. Planting progress should slow a bit with the cool down short term. May soybean futures have support at the $11.42 lower Bollinger Band. Chart resistance is at the 20-day moving average at $11.80. WHEAT: Wheat trade is flat to 6 cents lower at midday with trade holding support but struggling to find fuel to stretch to the upper end of the range with KC action seeing the most pressure so far today. 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 for Kansas. The dollar continues to limit the upside with action holding at the upper end of the range with MATIF wheat edging higher so far today. Weekly export sales are expected to be in the 250,000-450,000 metric ton range. On the KC May chart, support is the 20-day at $5.82 that we are testing at midday 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.