DTN Midday Grain Comments 04/28 10:56

DTN Midday Grain Comments 04/28 10:56 Soybean, Wheat Futures Higher at Midday; Corn Flat to Lower Corn futures are flat to 5 cents lower at midday Friday; soybean futures are 3 to 4 cents higher; wheat futures are 1 to 11 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 5 cents lower at midday Friday; soybean futures are 3 to 4 cents higher; wheat futures are 1 to 11 cents higher. The U.S. stock market is firmer with the S&P up 15 points. The U.S. Dollar Index is 4 points higher. Interest rate products are firmer. Energies are firmer with crude up 1.75 and natural gas up .06. Livestock trade is mostly higher. Precious metals are mixed with gold off $1. CORN: Corn futures are flat to 5 cents lower at midday with spread action firming after we scored fresh lows Friday morning. Ethanol margins have support from corn easing, but unleaded remains at the lower end, limiting blender margins. Basis has been a little more mixed in spots with bids off the July. Farmer movement is likely to slow for fieldwork, creating pockets of strength. 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 with some improvement for the north with another potential cold shot next week. On the July chart we are just below the lower Bollinger band at $5.87, with further support the fresh low at $5.72. SOYBEANS: Soybean futures are 3 to 4 cents higher at midday with lightly firmer spread trade as we try to find footing with product trading picking up as well. Meal is $1.00 to $2.00 higher and oil is 70 to 80 points higher. Brazil remains the 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 sales. 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 $13.80 year low with the lower Bollinger Band as resistance at $14.04, which we are just above at midday. WHEAT: Wheat futures are 1 to 11 cents higher at midday with trade working to score a reversal off the fresh lows scored this morning. Plains rains are past for now and short-covering into the end of the month is likely with row-crop spillover action. Further rains in the second week will be needed for further condition improvements to be made. The dollar is firming off the lower end of the range still while Matif wheat is a little softer. On the world front, India harvest will continue with world weather issues limited for now, along with Ukraine shipping corridor concerns easing for the moment with the next renewal a few weeks away. On the KC July chart the lower Bollinger Band at $7.71 is resistance with support the $7.62 calendar year low scored overnight. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.