DTN Midday Grain Comments 04/19 11:30

DTN Midday Grain Comments 04/19 11:30 Corn, Soybean Futures Mixed at Midday; Wheat Lower Corn futures are narrowly mixed at midday Wednesday; soybean futures are narrowly mixed; wheat futures are 9 to 13 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Wednesday; soybean futures are narrowly mixed; wheat futures are 9 to 13 cents lower. The U.S. stock market is weaker with the S&P off 13 points. The U.S. Dollar Index is flat. Interest rate products are weaker. Energies are weaker with crude off 1.30 and natural gas off .15. Livestock trade is mixed. Precious metals are mixed with gold off $11.80. CORN: Corn futures are narrowly mixed with firmer spread trade as we work to two-sided action at midday after early risk-off trade. Ethanol margins remain rangebound short term, with the weekly report showing production up by 65,000 barrels per day (bpd), with stocks up 165,000 barrels. Basis has softened in spots with bids off the July. The second crop in Brazil has a potentially drier forecast into the end of the month. Planting should slow down this week with cooler and wetter weather for many, especially in the north with cooler temps expected to linger. On the May chart we are holding above the 20-day moving average, which is now support at $6.54. Resistance is at the fresh high of $6.82 1/2 scored overnight. SOYBEANS: Soybean futures are narrowly mixed at midday with stronger spread action and better oil action helping firm prices back from early selling. Meal is $4.00 to $5.00 lower and oil is 55 to 65 points higher. 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 a slowdown in early progress expected to continue in the northern and central areas of the soybean belt this week. May chart support is the 20-day moving average at $14.88, which we continue to hold, with the fresh high at $15.31 as next resistance, which we have faded from Tuesday. WHEAT: Wheat futures are 9 to 13 cents lower at midday with trade working with a lack of fresh bullish news and potential Plains weather improvement in the second week. The dollar is off the low end of the range with early strength while Matif wheat is sharply lower to add some drag to Chicago action. On the world front, India harvest will move forward and potential export changes for the Black Sea area will be watched with increased doubt about the grain corridor survival when it comes up again in May. The Plains may see some relief next week with some scattered systems along the Nebraska/Kansas line overnight with some cold weather concerns again this weekend. On the KC May Chart the 20-day moving average is support again at $8.65 which we are just above at midday with the Upper Bollinger Band at $9.02 above the market. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.