DTN Midday Grain Comments     04/28 10:54

   Corn, Soybean, Wheat Futures Lower at Midday

   Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 3 
to 4 cents lower; wheat futures are 8 to 13 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 3 
to 4 cents lower; wheat futures are 8 to 13 cents lower. The U.S. stock market 
is weaker in with the S&P 30 points lower. The U.S. Dollar Index is 15 points 
lower. The interest rate products are firmer. Energy trade is mixed with crude 
1.15 lower and natural gas .16 higher. Livestock trade is mixed. Precious 
metals are mostly firmer with gold up 45.00.

CORN:

   Corn futures are 1 to 2 cents lower at midday with trade bouncing off nearby 
support again to start the week after early, risk-off trade. Ethanol margins 
will continue to struggle with unleaded values limiting blender margins near 
term. Warmer weather should keep planting moving forwards with wetter weather 
for the west and drier east in the forecast. Weekly crop progress is expected 
to show planting and emergence just ahead of the 5-year averages. Weekly export 
inspections remained solid at 1.655 million metric tons (mmt) with year-to-date 
pace holding at 129%. Basis should remain fairly flat into May contract 
delivery. Double-crop weather in Brazil looks to keep OK moisture in place for 
the balance of the month. On the May chart, the 20-day moving average at $4.72 
is support which we are tested overnight with the upper Bollinger Band at $4.94 
as resistance.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower at midday, pulling back from the 
upper end of the range in broader risk-off action as well with oil working to 
lead the product side. Meal is 3.00 to 4.00 lower and oil is 45 to 55 points 
higher. South American shows little short-term change as remaining harvest 
heads toward the homestretch. Warmer weather should boost emergence for early 
planted soybeans. The weekly crop progress report is likely to keep both just 
ahead of the 5-year average. Weekly export inspections held the recent range at 
439,341 metric tons, keeping year-to-date pace at 111%. Basis will likely 
remain sideways into the end of the month. On the May chart, support is the 
20-day moving average at $10.26, with the Upper Bollinger Band at $10.67 the 
next round up.

WHEAT:

   Wheat is 8 to 13 cents lower as we washed to fresh lows for the move after 
the late-week reversal faded ahead of better expected weather along with 
increasingly oversold conditions as the May contract heads toward delivery. The 
hard red wheat areas are expected to see better weather into the start of May, 
especially for Oklahoma and eastern Kansas. Weekly crop progress is expected to 
show steady-to-better conditions and average development, along with spring 
wheat planting and emergence just ahead of the 5-year averages. Weekly export 
inspections were solid at 646,564 metric tons, keeping us at 115% on the year. 
MATIF wheat is back at the lower end of the range as well. On the KC May chart, 
resistance is the 20-day moving average at $5.54 with the next level of support 
the fresh low at $5.20 3/4.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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