DTN Midday Grain Comments 04/17 10:50

DTN Midday Grain Comments 04/17 10:50 Soybean Futures Higher at Midday; Corn Steady-Higher; Wheat Mixed Corn futures are flat to 3 cents higher at midday Monday; soybean futures are 11 to 14 cents higher; wheat futures are 5 cents lower to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 3 cents higher at midday Monday; soybean futures are 11 to 14 cents higher; wheat futures are 5 cents lower to 5 cents higher. The U.S. stock market is weaker with the S&P off 10 points. The U.S. Dollar Index is 60 points higher. Interest rate products are weaker. Energies are mixed with crude off 1.25 and natural gas up .15. Livestock trade is firmer. Precious metals are weaker with gold off $12.80. CORN: Corn futures are flat to 3 cents higher at midday with softer spread action as new-crop corn leads and action remains rangebound with little fresh news. Ethanol margins remain rangebound short term, with corn values crimping things a little as unleaded stays just off the recent highs from the blending side. Basis has turned more mixed short term with more buyers rolled to July as the inverse remains strong. Weekly export inspections solid at 1.215 million metric tons (mmt). The second crop in Brazil is heading toward the bigger part of the growing season with OK short-term rains expected. Planting should slow down this week with cooler and wetter weather for many. Weekly crop progress is expected to show planting solidly ahead of the five-year average. On the May chart we are holding above the 20-day moving average, which is now support at $6.47. Resistance is at the Upper Bollinger Band of $6.69, which we are just below. SOYBEANS: Soybean futures are 11 to 14 cents higher at midday with firmer spread action and product values as we move back to the middle of the recent range on old crop with new crop still struggling to gain ground versus corn. Meal is $4.00 to $5.00 higher with oil is 25 to 35 points higher. Weekly export inspections improved a bit at 526,376 metric tons (mt). 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 this spring with some slowdown in early progress expected through the northern and central areas of the belt this week. Weekly crop progress will likely show soybeans ahead of the five-year average on the first report. May chart support is the 20-day moving average at $14.82, which we continue to hold, with the recent high at $15.28 as next resistance. WHEAT: Wheat futures are 5 cents lower to 5 cents higher at midday with Chicago action leading as we see active spread movement between the winter wheats over the past few sessions with Plains weather likely to keep short-term support in place. The dollar has firmed off the lows while Matif wheat has followed U.S. action a little higher Monday morning to add broader support to Chicago action. On the world front, India harvest will move forward and potential export changes for the Black Sea area will be watched. The Plains may see some relief toward the end of the forecast with some cold weather concerns again, while the north will remain slow on planting with winter wheat conditions expected to be steady to lower, and spring wheat planting well off the average pace. Weekly export inspections improved a touch at 239,097 mt On the KC May Chart, the 20-day moving average is support again at $8.62, which we bounced back above Friday, with the Upper Bollinger Band at $9.00, above the market. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.