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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