DTN Midday Grain Comments 04/01 11:03

DTN Midday Grain Comments 04/01 11:03 Corn, Soybean, Wheat Futures Lower at Midday Monday Corn futures are 5 to 7 cents lower at midday Monday; soybean futures are 8 to 9 cents lower; wheat futures are 10 to 14 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 7 cents lower at midday Monday; soybean futures are 8 to 9 cents lower; wheat futures are 10 to 14 cents lower. The U.S. stock market is weaker at midday with the S&P 15 points lower. The U.S. Dollar Index is 45 points higher. The interest rate products are weaker. Energies have crude 1.05 higher and natural gas .07 firmer. Livestock trade is firmer Precious metals are firmer with gold up 20.00. CORN: Corn futures are 5 to 7 cents lower at midday with nearby corn action remaining rangebound after failing to hold the post-report highs Thursday. There is also softer spread action so far Monday. On the stocks and acres report, acres were 90.0 million versus 91.8 million expected. Corn stocks came in at 8.35 billion bushels (bb) versus 8.427 bb expected, which pushed action to fresh highs for the move Thursday before fading back to the middle of the range. Ethanol margins remain within the recent range with corn and unleaded staying rangebound. Weekly export inspections were strong at 1.432 million metric tons (mmt). Basis has showed some life with fieldwork expansion just around the corner as we get into spring. Early second crop corn should continue to progress in Brazil with no short-term issues as we get further into the season. On the May chart, the 20-day moving average at $4.35 is nearby support, which we are testing at midday, with the Upper Bollinger Band at $4.45 as resistance with the fresh high at $4.48 above that. SOYBEANS: Soybean futures are 8 to 9 cents lower with trade fading back into support levels with the risk-off action to start the week, and with no major bullish story short term from the report on Thursday. Meal is 4.50 to 5.50 lower and oil is 30 to 40 points higher. South American should continue to progress with harvest in Brazil and Argentina shows little worry going into the end of the growing season. On the report, trade saw 86.5 million acres as expected with stocks at 1.85 bb versus 1.828 bb expected. Weekly export inspections faded further on a seasonal basis to 414,484 metric tons (mt). Basis should remain flat in the short term, domestically. The May soybeans have support at the 20-day moving average at $11.87, which we are testing at midday. The $12.24 Upper Bollinger band is the next level of resistance just below the recent high at $12.26 3/4 above that. WHEAT: Wheat futures are 10 to 14 cents lower at midday with trade fading back to the lower end of the range to start the week. Slightly bigger numbers on the USDA report are limiting upside along with the stronger dollar. On the report, trade saw 47.5 million acres versus 47.33 million expected and stocks at 1.09 bb versus 1.044 bb expected. The Plains will see seasonal temps in the short term with better moisture into the second week of April. The dollar is moving back toward the upper end of the range with further strength Monday, with MATIF wheat still on the Easter break. Weekly export inspections improved slightly at 498,898 mt. On the KC May chart, resistance is at the 20-day moving average at $5.80, which we are just below at midday. Support is the Lower Bollinger Band at $5.58. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.