DTN Midday Grain Comments     04/25 10:45

   Corn Flat to Higher, Beans Lower, Wheat Higher

   Corn trade is flat to a penny higher; beans are 9 to 11 cents lower and 
wheat trade is 3 to 6 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is weaker at midday with the S&P 60 points lower. The 
dollar index is down 10 points. The interest rate products are weaker. Energies 
are weaker with crude down 0.45 and natural gas off 2 cents. Livestock trade is 
weaker. Precious metals are mixed with gold up $5.00.

CORN:

   Corn is flat to a penny higher in quiet two-sided trade at midday with 
spread action remaining flat and nearby support holding so far. Ethanol margins 
should remain range bound with corn and unleaded showing little change this 
week. Near-term weather looks to bring plenty of short-term rain to much of the 
belt which should boost emergence on early planting.

   The daily wire was quiet again today with weekly sales strong at 1.3 million 
metric tons of old crop, and 262,300 metric tons of new. Little change is seen 
near term for South American weather with some areas of concern lingering. On 
the July chart, the 20-day at $4.43 is nearby support with the recent high at 
$4.60 the next level of resistance.

SOYBEANS:

   Soybeans are 9 to 11 cents lower with broad product weakness as we see 
selling after fading from nearby resistance yesterday. Meal is 3.50 to 4.50 
lower and oil is 50 to 60 points lower. Brazil's harvest should be just about 
wrapped up, with Argentina bushels coming soon as the South America export 
season will stay in high gear.

   The daily wire was quiet today with weekly sales still soft seasonally at 
210,900 metric tons old crop, and 120,100 new, with meal good at 307,900 metric 
tons old, and 35,100 new crop, while oil rebounded sharply to 16,200 metric 
tons. Planting progress while likely slow with the rains but the warmer weather 
should help emergence. The July soybean futures have support at the $11.40 
recent low. Chart resistance is at the 20-day moving average at $11.80 which we 
have faded from midweek.  

WHEAT:

   Wheat trade is 3 to 6 cents higher at midday with trade looking to 
consolidate the upper end of the range further with the sharp rally so far this 
week. The plains will see seasonal to above normal temps to push the crop along 
with better overall rain chances expected into early May, while Black Sea 
concerns continue with recent dryness.

   The dollar continues to work a bit short of the highs with MATIF wheat 
holding at the upper end of the range. Weekly export sales were in line with 
recent weeks at 82,000 metric tons old crop, and 371,900 new. On the KC July 
Chart support is the 20-day at $5.85, with the fresh high at 6.37 as further 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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