DTN Midday Grain Comments 04/27 10:47

DTN Midday Grain Comments 04/27 10:47 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 11 to 16 cents lower at midday Thursday; soybean futures are 3 to 6 cents lower; wheat futures are 11 to 18 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 11 to 16 cents lower at midday Thursday; soybean futures are 3 to 6 cents lower; wheat futures are 11 to 18 cents lower. The U.S. stock market is firmer with the S&P up 45 points. The U.S. Dollar Index is 10 points lower. Interest rate products are weaker. Energies are flat with crude up .10 and natural gas up .01. Livestock trade is mixed. Precious metals are mixed with gold off $3. CORN: Corn futures are 11 to 16 cents lower at midday with risk-off trade continuing along with little fresh bullish news. Softer spread action is keeping the pressure on as we make new lows. Ethanol margins have support from corn easing but unleaded continues to fade as well, limiting blender margins. The daily export wire reported China cancelled 233,000 metric tons (mt) of corn. Weekly export sales were up slightly from last week at 400,000 mt. 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 some improvement for the north. On the July chart we are just below the lower Bollinger band at $6.04, with further support the fresh low at $5.83 3/4. SOYBEANS: Soybean futures are 3 to 6 cents lower at midday with trade seeing broad pressure again as oil gives back its gains and meal continues to struggle. Meal is narrowly mixed and oil is 80 to 100 points lower. Brazil remains a much cheaper source as harvest winds down and shipping picks up, along with exports to Argentine crushers. Weekly export sales are inline seasonally at 311,300 mt of soybeans, 153,400 of meal, and 100 of oil. 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, and early planting 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 $14.12, which we are just below. WHEAT: Wheat futures are 11 to 18 cents lower at midday with broad selling continuing after the Plains rains Wednesday and overnight with coverage mixed so far along with negative spillover from the row crops helping us score fresh lows for the year. Further rains in the second week will be needed for further condition improvements to be made. The dollar is chopping around the lower end of the range still while Matif wheat resumes its selloff. On the world front, India harvest will continue with world weather issues limited for now along with Ukraine export corridor concerns easing for the moment with the next renewal a few weeks away. Further rains are possible next week across the Plains as well. Weekly export sales were soft at 155,700 mt of old crop, and 202,100 mt of new. On the KC July chart the lower Bollinger Band at $7.84 is resistance with support the $7.62 1/4 calendar year low scored Thursday. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.