DTN Midday Grain Comments 04/14 10:50

DTN Midday Grain Comments 04/14 10:50 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 5 to 8 cents higher at midday Friday; soybean futures are 8 to 11 cents lower; wheat futures are 11 to 23 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 8 cents higher at midday Friday; soybean futures are 8 to 11 cents lower; wheat futures are 11 to 23 cents higher. The U.S. stock market is weaker with the S&P off 15 points. The U.S. Dollar Index is 50 points higher. Interest rate products are weaker. Energies are mixed with crude up .50 and natural gas flat. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off $41.40. CORN: Corn futures are 5 to 8 cents higher at midday with spread action remaining firm with improved demand ideas after another round of sales to China and calmer outside markets. Ethanol margins remain rangebound short term, with little change seen short term with unleaded keeping blender margins stable as well. Basis has turned more mixed short term with more buyers rolled to the July as the inverse remains strong. The daily export wire showed an additional 382,000 metric tons (mt) sold to China split between old and new crop. The second crop in Brazil is heading towards 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 for the central and northern parts of the belt. On the May chart we are holding above the 20-day moving average which is now support at $6.47, and resistance is at the Upper Bollinger Band at $6.65. SOYBEANS: Soybean futures are 8 to 11 cents lower at midday with spread action remaining firm as trade continues to work the middle of the range with product action limiting the upside. Meal is $2.00 to $3.00 lower and oil is 50 to 60 points lower and remaining at the bottom end of the range. The daily wire was quiet to end the week. Basis has generally remained solid in the short term with the market still holding a substantial inverse. New crop will have to work harder to hold acres if open weather accelerates corn planting into midmonth and are giving back Thursday's gains so far, while early bean planting should pick up this week as more producers switch to earlier varieties. May chart support is the 20-day moving average at $14.81, which we continue to hold, with the recent high at $15.28 as next resistance. WHEAT: Wheat futures are 11 to 23 cents higher at midday with KC leading the rebound after the midweek weakness with spread action firming again. The dollar has firmed back off the lows while Matif wheat has followed U.S. action a little higher this morning. 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 with improvement in the western Dakotas likely first. On the KC May Chart the 20-day moving average is resitance at $8.54, which we fell below Thursday with the lower Bollinger Band at $8.14 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.