DTN Midday Grain Comments     04/29 11:45

   Corn, Soybean, Wheat Futures Lower at Midday

   Corn futures are 10 to 11 cents lower at midday Tuesday; soybean futures are 
14 to 15 cents lower; wheat futures are 2 to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 10 to 11 cents lower at midday Tuesday; soybean futures are 
14 to 15 cents lower; wheat futures are is 2 to 7 cents lower. The U.S. stock 
market is mostly firmer with the S&P 5 points higher. The U.S. Dollar Index is 
18 points higher. The interest rate products are firmer. Energy trade is mixed 
with crude 1.00 lower and natural gas .05 higher. Livestock trade is mostly 
higher. Precious metals are mixed with gold down 27.00.

CORN:

   Corn futures are 10 to 11 cents lower with broad selling in ags picking up 
during the day session with good, near-term weather and little other fresh 
bullish news to encourage buyers ahead of the May contract going into delivery. 
Ethanol margins will continue to struggle with unleaded values limiting blender 
margins for now with the corn pullback adding some support today. Warmer 
weather should keep planting moving forward with mixed moisture across the Corn 
Belt this week. Weekly crop progress showed corn 24% planting versus 22% on 
average and 5% emerged versus 4% on average. The daily export wire saw 120,000 
metric tons (mt) of corn sold to Spain. Basis should start to firm a little 
into May as fieldwork picks up more. Double-crop weather in Brazil looks to 
keep OK moisture in place for the balance of the month. On the May chart, the 
20-day moving average at $4.75 is support, which we are tested overnight, with 
the upper Bollinger Band at $4.94 as resistance.

SOYBEANS:

   Soybean futures are 14 to 15 cents lower at midday with broad product 
weakness this morning as we fade off the upper end of the range. Meal is flat 
to 1.00 lower and oil is 135 to 145 points lower. South America shows little 
short-term change as remaining harvest heads toward the homestretch. Warmer 
weather should boost emergence for early planted soybeans as planting progress 
should remain solid in the short term. The weekly crop progress report showing 
18% planted versus 12% on average. The daily export wire saw 110,000 mt of 
soybeans sold to unknown destinations. Basis will likely remain sideways into 
the end of the month. On the May chart, support is the 20-day moving average at 
$10.28, with the Upper Bollinger Band at $10.71 the next round up.

WHEAT:

   Wheat futures are 2 to 7 cents lower with trade giving up early gains again 
to score fresh lows as wheat gets increasingly oversold with improved weather 
as we head into May contract delivery. The hard red wheat areas are expected to 
see better weather into the start of May, especially for Oklahoma and eastern 
Kansas. The weekly crop progress report showed conditions back to 49% good to 
excellent, up 4%, with 19% poor to very poor and 27% headed versus 22% on 
average, with spring wheat 30% planted versus 21% on average with 5% emerged, 
same as average. MATIF wheat is flat this morning as well. On the KC May chart, 
resistance is the 20-day moving average at $5.53 with the next level of support 
the fresh low at $5.16 1/4.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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