DTN Midday Grain Comments 04/29 10:49

Corn, Beans Lower; Wheat Flat to Lower Midday Monday

Corn trade is 3-4 cents lower. Beans are 1-2 cents lower and wheat trade is
flat to 20 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

The U.S. stock market is firmer at midday Monday with the S&P 10 points
higher. The dollar index is off 25 points. The interest rate products are
firmer. Energies are mixed with crude off $1.10 and natural gas up 8 cents.
Livestock trade is mostly lower. Precious metals are mixed with gold unchanged.

CORN:

Corn is 3-4 cents lower at midday with trade fading back to nearby support
with the positive spillover from wheat easing and little other fresh bullish
news. Ethanol margins should remain range-bound with short term as spring
driving should expand further into May. Near-term weather keeps rain chances in
play for much of the belt with planting and emergence likely to remain just
ahead of the five-year average today.

The daily wire was quiet today with weekly export inspections fading a
little to 1.226 million metric tons (mmt). Little change is seen near term for
South American weather with some areas of concern lingering for second-crop
corn. On the July chart, the 20-day at $4.46 is nearby support which we are
testing at midday with the recent high at $4.60 the next level of resistance.

SOYBEANS:

Soybeans are 1-2 cents lower at midday with trade fading from another test
of nearby resistance at midday. Meal is $3.50 to $4.50 higher and oil is 65 to
75 points lower. South American bushels should continue to attract the most
export attention as harvest continues to wrap in Brazil with Argentina coming
soon.

The daily wire was quiet today with weekly inspections soft at 250,332
metric tons (mt). Planting progress is likely slow with rains, but the warmer
weather should help the emergence on planted acres with the weekly report
likely to show both just ahead of average. July soybean futures have support at
the $11.40 recent low. Chart resistance is at the 20-day moving average at
$11.79 which we have faded from again at midday.

WHEAT:

Wheat trade is flat to 20 cents lower with Chicago action the downside
leader with better Black Sea weather short term while the Plains remain mixed
and overbought conditions ease a bit. The Plains will see
seasonal-to-above-normal temps push the crop along with better overall rain
chances expected into early May with some of the eastern growing areas getting
significant rains this weekend. Black Sea concerns should ease short term.

The dollar continues to work a bit short of the highs with MATIF wheat
fading off the highs this morning. Weekly export inspections were in line with
recent weeks at 481,183 mt. Weekly crop progress is expected to show further
declines with maturity ahead of average with spring wheat holding just ahead of
average on planting and emergence. On the KC July chart, support is the 20-day
at $5.94, with the fresh high at 6.64 as further resistance.

David Fiala can be reached at dfiala@futuresone.com

Follow him on social platform X @davidfiala




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