DTN Midday Grain Comments 04/24 10:50

DTN Midday Grain Comments 04/24 10:50 Soybean Futures Higher at Midday; Corn Lower; Wheat Mixed Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 7 to 8 cents higher; wheat futures are 3 cents lower to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 7 to 8 cents higher; wheat futures are 3 cents lower to 4 cents higher. The U.S. stock market is weaker with the S&P off 5 points. The U.S. Dollar Index is 30 points lower. Interest rate products are firmer. Energies are mixed with crude up .50 and natural gas off .01. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold up $4. CORN: Corn futures are 3 to 4 cents lower with the May/July inverse continuing to steepen while new crop works along the lower end of the range to start the week as we await planting progress and forward weather forecasts. Ethanol margins have support from corn easing but unleaded has faded as well, limiting blender gains. Weekly export inspections were OK at 913,813 metric tons (mt), while the daily wire has been quiet in recent days. Basis has softened in spots with bids off the July with farmer movement likely to slow for fieldwork. The second crop in Brazil will continue to be watched into the next part of the growing season with issues limited for now. Planting will slow down this week with the broadly cooler weather. Weekly progress is likely to be near the five-year average Monday afternoon. On the July chart we are just below the lower Bollinger band at $6.15, with further support the recent low at $5.99. SOYBEANS: Soybean futures are 7 to 8 cents higher with firmer spread action as May extends its inverse while new crop works around unchanged with little fresh news. Meal is narrowly mixed and oil is 5 to 15 points lower with product action remaining in the recent ranges. Brazil remains the much cheaper source as harvest winds down with weekly export inspections continuing the seasonal pace at 374,960 mt. Basis has generally remained solid in the short term with farmer movement likely to slow short term. It is still early but any wet weather that delays corn planting should weigh on or limit upside on new-crop beans for now. Weekly crop progress is likely to have planting near the five-year average. July chart support is the lower Bollinger Band at $14.20 with the 20-day moving average above the market at $14.66. WHEAT: Wheat futures are 3 cents lower to 4 cents higher with spring wheat holding up the best with planting expected to remain slow short term, while we wait for the expected rains on the Plains this week to stabilize the crop. The forecast changes keep rains intact for much of the Plains but projections have drifted south from Friday. The dollar is chopping around the lower end of the range while Matif wheat is slightly firmer. On the world front, India harvest will continue with world weather issues more mixed for now along with corridor concerns easing for the moment. Weekly export inspections remained rangebound at 363,826 mt. Weekly crop progress is expected to show conditions steady to slightly better with maturity slightly ahead of normal while spring wheat will be well behind the five-year average. On the KC July chart the 20-day moving average is resistance again at $8.51 with the lower Bollinger Band at $8.22 support, which we have tested this morning. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.