DTN Midday Grain Comments 04/25 10:45

DTN Midday Grain Comments 04/25 10:45 Corn Flat to Higher, Beans Lower, Wheat Higher Corn trade is flat to a penny higher; beans are 9 to 11 cents lower and wheat trade is 3 to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker at midday with the S&P 60 points lower. The dollar index is down 10 points. The interest rate products are weaker. Energies are weaker with crude down 0.45 and natural gas off 2 cents. Livestock trade is weaker. Precious metals are mixed with gold up $5.00. CORN: Corn is flat to a penny higher in quiet two-sided trade at midday with spread action remaining flat and nearby support holding so far. Ethanol margins should remain range bound with corn and unleaded showing little change this week. Near-term weather looks to bring plenty of short-term rain to much of the belt which should boost emergence on early planting. The daily wire was quiet again today with weekly sales strong at 1.3 million metric tons of old crop, and 262,300 metric tons of new. Little change is seen near term for South American weather with some areas of concern lingering. On the July chart, the 20-day at $4.43 is nearby support with the recent high at $4.60 the next level of resistance. SOYBEANS: Soybeans are 9 to 11 cents lower with broad product weakness as we see selling after fading from nearby resistance yesterday. Meal is 3.50 to 4.50 lower and oil is 50 to 60 points lower. Brazil's harvest should be just about wrapped up, with Argentina bushels coming soon as the South America export season will stay in high gear. The daily wire was quiet today with weekly sales still soft seasonally at 210,900 metric tons old crop, and 120,100 new, with meal good at 307,900 metric tons old, and 35,100 new crop, while oil rebounded sharply to 16,200 metric tons. Planting progress while likely slow with the rains but the warmer weather should help emergence. The July soybean futures have support at the $11.40 recent low. Chart resistance is at the 20-day moving average at $11.80 which we have faded from midweek. WHEAT: Wheat trade is 3 to 6 cents higher at midday with trade looking to consolidate the upper end of the range further with the sharp rally so far this week. The plains will see seasonal to above normal temps to push the crop along with better overall rain chances expected into early May, while Black Sea concerns continue with recent dryness. The dollar continues to work a bit short of the highs with MATIF wheat holding at the upper end of the range. Weekly export sales were in line with recent weeks at 82,000 metric tons old crop, and 371,900 new. On the KC July Chart support is the 20-day at $5.85, with the fresh high at 6.37 as further resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.