DTN Midday Grain Comments 04/06 10:55

DTN Midday Grain Comments 04/06 10:55 Corn, Soybean Futures Lower at Midday; Wheat Mixed Corn futures are 7 to 8 cents lower at midday Thursday; soybean futures are 18 to 21 cents lower; wheat futures are 2 cents lower to 11 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 7 to 8 cents lower at midday Thursday; soybean futures are 18 to 21 cents lower; wheat futures are 2 cents lower to 11 cents higher. The U.S. stock market is mixed with the S&P off 5 points. The U.S. Dollar Index is 5 points higher. Interest rate products are mixed. Energies are flat with crude off .10 and natural gas off .06 cents. Livestock trade is firmer with cattle leading. Precious metals are mostly lower with gold off $10.00. CORN: Corn futures are 7 to 8 cents lower at midday with softer spread action ahead of the three-day weekend with little fresh news to move trade as we settle into the middle of the recent range. Ethanol margins remain rangebound short term, with cheaper corn and flat unleaded action for the blenders. Basis has turned more mixed short term with more buyers rolled to the July. The daily export wire was quiet today. Weekly export sales of 1.247 million metric tons (mmt) of old crop corn were reported and 26,200 metric tons (mt) of new crop. The second crop in Brazil is heading toward the better part of the growing season with trade watching forecasts into April with some rains late this week before heading drier again. On the May chart we are holding above the 20-day moving average, which is now support at $6.39, and resistance is at the Upper Bollinger Band at $6.66. SOYBEANS: Soybean futures are 18 to 21 cents lower at midday with softer spread action and weaker product values weighing on trade so far, along with late harvest pressure in South America. Meal is flat to $1.00 lower and oil is 65 to 75 points lower. The daily export wire was quiet. Weekly export sales were soft seasonally at 155,300 mt old crop soybeans and 48,300 mt cancellations of new crop sales. Meal export sales were 245,500 old and 32,200 of new with oil at a marketing year high of 27,600 mt. Basis has generally remained solid in the short term with the market still showing a substantial inverse but fading further from the highs. New crop will have to work harder to hold acres if open weather accelerates corn planting into midmonth. Argentina is pursuing another program to encourage producer selling with dollars. May chart support is the 20-day moving average of $14.81, which we moved back above last week, with Monday's high at $15.28 as next resistance. WHEAT: Wheat futures are 2 cents lower to 11 cents higher with KC leading again with weather worries and firm spread action with Chicago lagging amid better growing conditions to the east. The dollar remains toward the lower end of the range even with light morning strength, while Matif wheat continues to leak lower at the bottom of the range, which will continue to limit upside for Chicago. Little other change is noted on the world scene for now as India presses into harvest amidst warm and dry conditions and other Northern Hemisphere weather issues are limited with continental Europe generally in good shape. Weekly export sales remain soft at 193,600 mt old crop wheat and cancellations of 10,200 mt new. On the KC May Chart the 20-day moving average is support at $8.42 with the fresh high scored Monday at $9.02 becoming resistance for now. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.