DTN Midday Grain Comments     04/08 10:46

   Corn, Wheat Futures Lower at Midday Wednesday; Soybeans Higher

   Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 
1 to 2 cents higher; wheat futures are 11 to 17 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 
1 to 2 cents higher; wheat futures are 11 to 17 cents lower. The U.S. stock 
market is firmer at midday with the S&P 140 points higher. The U.S. Dollar 
Index is 109 points lower. The interest rate products are firmer. Energy trade 
is sharply lower with crude off 17.25 and natural gas off .13. Livestock trade 
is mixed. Precious metals are firmer with gold up 95.00.

CORN:

   Corn futures are 3 to 4 cents lower at midday after the two-week ceasefire 
was announced Tuesday with spread action holding a bit firmer as we test the 
lower end of the range heading toward the WASDE report Thursday. On the report, 
trade is looking for corn carryout at 2.131 billion bushels (bb) versus 2.127 
bb last month. The weekly ethanol report showed production 41,000 barrels per 
day higher with stocks 100,000 barrels higher. Weekly export sales are expected 
to be in the 600,000 to 800,000 metric ton range. Basis likely continues to 
hold the recent range. New-crop price ratios are favoring soybeans to start the 
session. On the May chart, resistance is the 20-day moving average at $4.59 
with the lower Bollinger Band at $4.46 as support which we are testing at 
midday.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher at midday with trade bouncing back 
from the early heavy selling post-ceasefire announcement with meal leading the 
product complex. Meal is 1.50 to 2.50 higher and oil is 210 to 220 points 
lower. On the report Thursday, trade is looking for 351 million bushels (mb) 
for carryout versus 349 mb last month. South America progress should remain on 
or ahead of pace with seasonal export availability to pick up further in the 
short term. Basis may drift lower in the short term depending on how crush 
margins hold up with oil now. Weekly export sales are expected to be in the 
300,000 to 500,000 metric ton range Thursday. On the May contract, chart 
resistance is $11.72, where we find the 20-day moving average, with the Lower 
Bollinger Band at $11.32 as support.

WHEAT:

   Wheat futures are 11 to 17 cents lower with broad risk-off selling so far 
along with expected short-term weather improvement as we look to find nearby 
support after the fade from last week's highs. Weather for the Plains has some 
rain coverage staying to the eastern Plains but better potential coverage in 
the extended forecast, with overall warmer temps to continue. On the report, 
trade is looking for carryout at 920 mb versus 931 mb last month. Matif wheat 
is sharply lower as well. Weekly export sales are expected to be in the 250,000 
to 450,000 metric ton range. On the KC May chart, resistance is the 20-day 
moving average at $6.16, which we faded below to end last week, with the lower 
Bollinger Band at $5.94 as support, which we are testing at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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