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




(c) Copyright 2025 DTN, LLC. All rights reserved.