DTN Midday Grain Comments     04/19 11:25

   Corn, Beans Higher and Wheat Flat to Higher Midday Friday

   Corn trade is 5-6 cents higher. Beans are 10-12 cents higher and wheat trade 
is flat to 8 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is mixed at midday Friday with the S&P 20 points 
lower. The dollar index is off 15 points. The interest rate products are 
firmer. Energies are firmer with crude up .30 and natural gas up 1 cent. 
Livestock trade is mostly higher. Precious metals are firmer with gold up $9.30.

CORN:

   Corn is 5-6 cents higher at midday with trade pushing back to nearby 
resistance levels with broader ethanol blends being OK for summer and ag 
strength after the airstrikes last night. Ethanol margins should receive a 
boost from higher summer blends being OK'd with unleaded still near the upper 
end of the range. Near-term weather looks to slow planting progress a bit with 
cooler temps short term with some rains again this morning and more chances for 
moisture as it warms up the second week.

   The daily wire saw 216,500 metric tons (mt) of mostly new crop sold to 
Mexico. The second crop in Brazil should continue to develop without major 
immediate concerns with some excess moisture and disease concerns lingering in 
Argentina. On the May chart, the 20-day at $4.32 is nearby resistance which we 
are testing at midday with our support of the lower Bollinger Band at $4.24.

SOYBEANS:

   Soybeans are 10-12 cents higher at midday with trade pressing back to the 
overnight highs at midday with meal again leading the product complex. Meal is 
$4.50 to $5.50 higher and oil is flat to 10 points lower. Brazil harvest is 
winding down with Argentina bushels coming soon as the South America export 
season expands.

   The daily wire saw 121,500 mt of mostly new crop beans sold to unknown. 
Planting progress should slow a bit with the cool down short term. The May 
soybean futures have support at the $11.28 recent low. Chart resistance is at 
the 20-day moving average at $11.72.  

WHEAT:

   Wheat trade is flat to 8 cents higher with Chicago action at midday but with 
action 10-15 cents off the overnight post-airstrike highs with the ranges 
holding overall. The Plains will see seasonal temperatures start to give way to 
a cooler stretch through the weekend with overall moisture prospects better the 
second week for Kansas along with warming temps.

   The dollar continues to work a bit short of the highs with MATIF wheat 
working to the top of the recent range. On the KC May chart, resistance is the 
20-day at $5.81 which we are just below at midday, with the Lower Bollinger 
band at $5.67 as support.

   David Fiala can be reached at dfiala@futuresone.com. 

   Follow him on X, formerly Twitter, @davidfiala.




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