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DTN Midday Grain Comments 04/16 10:48
Corn, Soybean, Wheat Futures Higher at Midday
Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures
are 3 to 5 cents higher; wheat futures are 2 to 3 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures
are 3 to 5 cents higher; wheat futures are 2 to 3 cents higher. The U.S. stock
market is weaker in with the S&P 38 points lower. The U.S. Dollar Index is 65
points lower. The interest rate products are mixed. Energy trade is mixed with
crude 1.15 higher and natural gas .11 lower. Livestock trade is firmer.
Precious metals are firmer with gold up 85.00.
CORN:
Corn futures are 1 to 2 cents higher at midday with spread action turning
softer as the early risk-on push fades with the upper end of the range holding
overall. Weekly ethanol production continued recent declines, down another
9,000 barrels per day (bpd) on the week, with stocks down by 200,000 barrels
ahead of holiday travel. Planting should make broad progress toward the wetter
weekend in many areas. Weekly export sales are expected to be in the 600,000 to
800,000 metric ton (mt) range Thursday. Basis should remain fairly flat in the
short term. Double-crop weather in Brazil looks to continue the recent pattern
with major concerns limited. On the May chart, the 20-day moving average at
$4.67 is support after we consolidated above it last week with the upper
Bollinger Band at $4.90 becoming resistance as we faded back from the upper end
of the range.
SOYBEANS:
Soybean futures are 3 to 5 cents higher at midday as we look to regain
momentum after slipping Tuesday with product action mostly flat so far. Meal is
1.00 to 2.00 higher, and oil is 20 to 30 points higher. South American weather
allows for harvest to keep moving forward at a good pace with the cheaper
dollar helping U.S. export competitiveness coming out of trade issues. Early
planting should continue to move forward into the weekend. Weekly export sales
are expected to be in the 500,000 to 700,000 mt range. Basis will likely remain
sideways. On the May chart, support is the 20-day moving average at $10.15 that
we pushed through earlier in the week, with the Upper Bollinger Band at $10.52
the next round up.
WHEAT:
Wheat futures are 2 to 3 cents higher at midday with the cheaper dollar
adding support and the expected weekend storm systems likely to keep upside
limited as we fade back from the early overnight highs. Hard red wheat areas
look to catch more rain on the Eastern Plains in the short term through Sunday
with the west staying drier before better coverage toward the end of the month.
MATIF wheat is flat to slightly higher at midday. Weekly export sales are
expected to be in the 200,000 to 350,000 mt range Thursday. On the KC May
chart, resistance is the 20-day moving average at $5.65, with the next level of
support the Lower Bollinger Band at $5.45.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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