DTN Midday Grain Comments 04/25 10:54

DTN Midday Grain Comments 04/25 10:54 Corn, Soybeans, Wheat Futures Lower Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 22 to 23 cents lower; wheat futures are 9 to 20 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents lower at midday Tuesday; soybean futures are 22 to 23 cents lower; wheat futures are 9 to 20 cents lower. The U.S. stock market is weaker with the S&P off 30 points. The U.S. Dollar Index is 50 points higher. Interest rate products are firmer. Energies are weaker with crude off 1.70 and natural gas off .05. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off $4. CORN: Corn futures are 5 to 6 cents lower at midday with softer spread action and July pressing into fresh lows with little fresh bullish news. Ethanol margins have support from corn easing, but unleaded has faded as well, limiting blender gains. Basis has been a little more mixed 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 and discounts growing for summer. Planting will slow down this week with the broadly cooler weather. USDA's weekly Crop Progress report showed 14% planted versus 7% last year and 11% on average. On the July chart we are below the lower Bollinger band at $6.09, with further support the recent low at $5.99. SOYBEANS: Soybean futures are 22 to 23 cents lower at midday with trade fading further into support levels with broad product weakness still sticking around along with broad risk-off trade. Meal is $4.00 to $5.00 lower and oil is 70 to 80 points lower. The daily wire has remained quiet in recent days as Brazil remains much cheaper as harvest winds down and shipping picks up. 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 for new crop beans for now with no incentive to switch to soybeans otherwise at the moment. Weekly crop progress showed soybeans at 9% versus 3% last year and 4% five-year average. July chart support is the $14.00 area with the lower Bollinger Band as resistance at $14.23. WHEAT: Wheat futures are 9 to 20 cents lower with spring wheat leading again as planting pace remains slow. The winter wheats are back to the lower end of the range again as we push toward oversold conditions and rains start over the Southern Plains. The forecast changes keep rains intact for much of the Plains with placements still moving around a bit. The dollar is chopping around the lower end of the range still while Matif wheat is weaker as well. On the world front, India harvest will continue with world weather issues more mixed for now along with corridor concerns easing for the moment with the next renewal a few weeks away. Weekly crop progress showed winter wheat 41% poor to very poor, up 2%, and 26% good to excellent, with 18% headed versus 14% on average, with spring wheat 5% planted versus 12% on average, and 1% emerged versus 3%. On the KC July chart the lower Bollinger Band at $8.14 is resistance with support the $7.94 fresh low. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.