DTN Midday Grain Comments     04/07 10:48

   Corn, Soybean Futures Lower at Midday Tuesday; Wheat Flat-Lower

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 6 
to 7 cents lower; wheat futures are flat to 2 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Tuesday; soybean futures are 6 
to 7 cents lower; wheat futures are flat to 2 cents lower. The U.S. stock 
market is weaker at midday with the S&P 55 points lower. The U.S. Dollar Index 
is 9 points lower. The interest rate products are weaker. Energy trade is 
firmer with crude up 4.25 and natural gas up .05. Livestock trade is broadly 
lower. Precious metals are weaker with gold up 10.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with action chopping sideways 
to weaker as we wait for further developments in world events and weather. 
Ethanol margins should remain pretty solid in the near term with unleaded 
holding at the upper end of the range. Basis likely continues to hold the 
recent range. New-crop price ratios are flattening Tuesday. The first crop 
progress report showed corn 3% planted versus 2% on average with rains to keep 
the center of the Corn Belt slow in progressing. On the May chart, resistance 
is the 20-day moving average at $4.59, with the lower Bollinger Band at $4.46 
as support.

SOYBEANS:

   Soybean futures are 6 to 7 cents lower as well with oil scoring new highs 
for the move before losing momentum Tuesday morning. Meal is 3.00 to 4.00 lower 
and oil is 10 to 20 points lower. South America progress should remain on or 
ahead of pace with seasonal export availability to pick up further in the short 
term. Basis should stay flat in the short term with oil continuing to lead 
crush margins. On the May contract, chart resistance is $11.74, where we find 
the 20-day moving average, with the Lower Bollinger Band at $11.32 as support.

WHEAT:

   Wheat futures are flat to 2 cents lower with early gains fading again with 
the dollar holding toward the upper end of the range, and expected moisture 
into the second week limiting upside along with row-crop spillover. Weather for 
the Plains has some rain coverage staying to the eastern Plains but better 
potential coverage in the extended, with overall warmer temps to continue. 
Matif wheat is flat Tuesday. The first crop conditions report showed winter 
wheat 7% headed versus 5% on average. Conditions were 35% good to excellent and 
31% poor to very poor, 13% behind last year. Spring wheat is 2% planted versus 
3% on average. On the KC May chart resistance is the 20-day moving average at 
$6.19, which we faded below to end last week, with the lower Bollinger Band at 
$5.99 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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