DTN Midday Grain Comments 04/13 10:46

DTN Midday Grain Comments 04/13 10:46 Corn, Wheat Lower Midday Thursday Corn trade is 2 to 3 cents lower; beans are flat to 3 cents higher and wheat trade is 10 to 19 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn trade is 2 to 3 cents lower; beans are flat to 3 cents higher and wheat trade is 10 to 19 cents lower. The U.S. stock market is firmer with the S&P up 25 points. The U.S. Dollar Index is 50 points lower. Interest rate products are mostly firmer. Energies are flat to weaker with crude off $0.10 and natural gas off $0.05. Livestock trade is mixed with fresh highs in cattle. Precious metals are firmer with gold up $28.40. CORN: Corn trade is 2 to 3 cents lower with early strength evaporating as spreads remaining firm as we continue to see a bit of a risk-off bias during the day session. Ethanol margins remain range bound short term, with little change seen short term. Basis has turned more mixed short term with more buyers rolled to the July as the inverse remains strong. The daily wire will need to show continued action after nothing to start the week, with export sales faded from the recent pace at 527,000 metric tons and 327,000 metric tons on the daily wire to China, split between old and new crop. The second crop in Brazil is heading toward the bigger part of the growing season with OK short-term rains expected. Planting should continue to move quickly south of I-80 before some weekend moisture. On the May chart, we are holding above the 20-day, which is now support at $6.46, and resistance is at the upper Bollinger Band at $6.65. SOYBEANS: Soybean trade is flat to 3 cents higher with spread buckling a little bit as early strength fades again with little other fresh news. Meal is $2.50 to $3.50 higher and oil is 0.10 cent to 0.20 cent lower with world veg oil prices slumping. The daily wire has remained mostly quiet with weekly sales a little better at 365,400 old crop and 66,000 new, and with meal at 255,200 old, 37,500 new, and oil at -400. Basis has generally remained solid in the short term with the market holding a substantial inverse. New crop will have to work harder to hold acres if open weather accelerates corn planting into midmonth with some progress Thursday morning, while early bean planting should pick up this week as more producers switch to earlier varieties. May chart support is the 20-day at $14.80, which we continue to hold, with the recent high at $15.28 as next resistance. WHEAT: Wheat trade is 10 to 19 cents lower at midday with KC losing ground to the other contracts with spread unwinding and little other fresh news to excite markets. The dollar remains toward the lower end of the range even with weakness to start the day, while Matif wheat continues to score fresh lows, limiting upside in Chicago action. Little other change is noted on the world scene with India working into harvest, and most weather concerns confined to Spain and China for the moment. The Plains may see some relief next week but short-term struggles will continue, while spring wheat planting will likely stay off pace. Weekly export sales were in line with recent weeks at 135,700 metric tons sold, and 67,800 new. On the KC May Chart the 20-day is support at $8.52, which we are below at midday with the lower Bollinger Band at $8.09 the next level of support. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.