DTN Midday Grain Comments 04/26 10:57

DTN Midday Grain Comments 04/26 10:57 Corn, Wheat Futures Lower at Midday; Soybeans Higher Corn futures are 4 to 5 cents lower at midday Wednesday; soybean futures are 2 to 3 cents higher; wheat futures are 3 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents lower at midday Wednesday; soybean futures are 2 to 3 cents higher; wheat futures are 3 to 11 cents lower. The U.S. stock market is mixed with the S&P up 10 points. The U.S. Dollar Index is 50 points lower. Interest rate products are weaker. Energies are weaker with crude off .70 and natural gas off .15. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $4. CORN: Corn futures are 4 to 5 cents lower with early gains fading as trade works back to the lower end of the range during the day session. Ethanol margins have support from corn easing but unleaded has faded as well, limiting blender gains. The weekly report showed production 57,000 barrels per day (bpd) lower and stocks off 987,000 barrels. Basis has been a little more mixed in spots with bids off the July and farmer movement likely to slow for fieldwork short term. 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 should start to pick up in some areas again into the end of the week with a mixed overall forecast. On the July chart we are just below the lower Bollinger band at $6.06, with further support the recent low at $5.99. SOYBEANS: Soybean futures are 2 to 3 cents higher at midday with light buying so far with trade working to find support at the lower end of the range after the early week break. Meal is $5.00 to $6.00 lower and oil is 40 to 50 points higher. Brazil remains a much cheaper source as harvest winds down and shipping picks up along with exports to Argentine crushers. Basis has generally remained solid in the short term with farmer movement likely to slow short term. New-crop soybeans have struggled to gain versus corn as well with little change on the break. Early planting is likely to pick up a little bit in the middle of the belt. July chart support is the $14.00 area with the lower Bollinger Band as resistance at $14.22, which we are just below. WHEAT: Wheat futures are 3 to 11 cents lower with Chicago action leading and spring wheat lagging as the forecast tries to improve a bit with potential improvement to the north for planting and rain working across the Plains. Further rains in the second week will be needed for condition improvements. The dollar is chopping around the lower end of the range still, while Matif wheat is lightly firmer 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. On the KC July Chart, the lower Bollinger Band at $8.06 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.