DTN Midday Grain Comments 04/21 10:31

DTN Midday Grain Comments 04/21 10:31 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 6 to 12 cents lower at midday Friday; soybean futures are 14 to 18 cents lower; wheat futures are 5 to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 6 to 12 cents lower at midday Friday; soybean futures are 14 to 18 cents lower; wheat futures are 5 to 9 cents lower. The U.S. stock market is weaker with the S&P off 5 points. The U.S. Dollar Index is 20 points higher. Interest rate products are weaker. Energies are mixed with crude up .50 and natural gas off .04. Livestock trade is mixed. Precious metals are weaker with gold off $28. CORN: Corn futures are 6 to 12 cents lower at midday with action fading back further with little fresh bullish news and lingering risk-off sentiment hanging around the market. Ethanol margins may see a boost from corn pulling back, but the unleaded futures sliding will crimp the blending side for now. Basis has softened in spots with bids off the July, but most expect limited farmer selling on board breaks as we move through planting season. The second crop in Brazil has a potentially drier forecast into the end of the month with short-term conditions OK. Planting will 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 just above the 20-day moving average, which is now support at $6.57, and resistance is at the fresh high of $6.82 1/2 scored Tuesday. SOYBEANS: Soybean futures are 14 to 18 cents lower with soybeans fading back to the lower end of the range again, with new crop scoring fresh lows and May expanding its premium again. Meal is $4.00 to $5.00 lower and bean oil is down 35 to 45 points. Brazil remains much cheaper as harvest winds down. Basis has generally remained solid in the short term with the market still holding a substantial inverse. It is still early, but any wet weather that delays corn planting should weigh on or limit upside on new-crop beans. May chart support is the 20-day moving average at $14.89, which we are testing again at midday. The high on Tuesday at $15.31 is nearby chart resistance. WHEAT: Wheat futures are 5 to 9 cents lower with trade looking to find footing again with heavy midweek selling on improved forecasts and risk-off sentiment with early strength fading again. The forecast changes added better rains for the HRW belt, which needs it; they should come early next week. The dollar is still chopping around the lower end of the range while Matif wheat remains soft to add some more drag to Chicago action. On the world front, India harvest will continue with weather issues more mixed for now along with corridor concerns easing for the moment. On the KC May Chart the 20-day moving average is resistance again at $8.65 with the lower Bollinger Band at $8.39 support, which we have edged below at midday. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.