DTN Midday Grain Comments     04/09 10:44

   Corn Futures Lower at Midday Thursday; Soybeans Higher; Wheat Flat-Lower

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
4 to 5 cents higher; wheat futures are flat to 2 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are 
4 to 5 cents higher; wheat futures are flat to 2 cents lower. The U.S. stock 
market is mixed at midday with the S&P 2 points higher. The U.S. Dollar Index 
is 20 points lower. The interest rate products are weaker. Energy trade is 
firmer with crude up 7.00 and natural gas off .02. Livestock trade is weaker. 
Precious metals are firmer with gold up 30.00.

CORN:

   Corn futures are 1 to 2 cents lower with early light buying fading as we 
head toward the WASDE report out at 11 a.m. CDT. Outside market action is 
retracing a bit of the Wednesday move. 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. The daily export wire saw 136,300 metric tons sold to 
South Korea again. Weekly sales were solid at 1.361 million metric tons (mmt) 
of old crop, and 11,400 of new. Basis likely continues to hold the recent 
range. New-crop price ratios are trending back toward soybeans. On the May 
chart, resistance is the 20-day moving average at $4.58 with the lower 
Bollinger Band at $4.46 as support, which we are testing overnight.

SOYBEANS:

   Soybean futures are 4 to 5 cents higher at midday with broad product 
strength as we continue to hold the recent range heading towards the report. 
Meal is 1.50 to 2.50 higher and oil is 85 to 95 points higher. On the report, 
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 through midmonth. The 
daily export wire was quiet again. Weekly export sales were still soft at 
295,400 metric tons old crop; 363,600 of meal and -1,600 of oil. On the May 
contract chart, resistance is $11.67 where we find the 20-day moving average 
with the Lower Bollinger Band at $11.30 as support.

WHEAT:

   Wheat futures are flat to 2 cents lower with early gains fading as we work 
back to the lower end of the range in pre-report action. 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 were OK at 163,600 
metric tons of old crop, and 90,700 metric tons of new. 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 Thursday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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