DTN Midday Grain Comments 04/02 10:53

DTN Midday Grain Comments 04/02 10:53 Corn, Wheat Futures Lower at Midday Tuesday; Soybeans Flat-Higher Corn futures are 6 to 7 cents lower at midday Tuesday; soybean futures are flat to 1 cent higher; wheat futures are 8 to 11 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 6 to 7 cents lower at midday Tuesday; soybean futures are flat to 1 cent higher; wheat futures are 8 to 11 cents lower. The U.S. stock market is weaker at midday with the S&P 50 points lower. The U.S. Dollar Index is 25 points lower. The interest rate products are weaker. Energies have crude 1.00 higher and natural gas .03 firmer. Livestock trade is firmer. Precious metals are firmer with gold up 22.00. CORN: Corn futures are 6 to 7 cents lower with trade fading back to the pre-report lows with spread action softening and little fresh bullish news to support trade. Ethanol margins remain within the recent range with corn fading and unleaded working back toward the upper end of the range. Basis has shown 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. Corn was rated at 2% planted versus 1% on average. On the May chart, the 20-day moving average at $4.36 is nearby resistance again after we failed to hold Tuesday morning, with support at the lower Bollinger Band at $4.26. SOYBEANS: Soybean futures are flat to 1 cent higher with trade fading from early day session strength and meal fading even as soyoil holds near the recent highs. Meal is 3.50 to 4.50 lower and oil is 110 to 120 points higher. South America should continue to progress with harvest in Brazil, and Argentina shows little worry going into the end of the growing season. Basis should remain flat in the short term, domestically. May soybeans have support at the 20-day moving average at $11.87, which is where 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 8 to 11 cents lower at midday with trade again fading back to the lower end of the range after early strength while spread action is mostly firmer. The Plains will see seasonal temps in the short term with better moisture into the second week of the month. The dollar is just off the upper end of the range with MATIF wheat a bit softer this morning as it returns to trade. The first crop condition report showed 56% good to excellent and 11% poor to very poor; progress showed 4% headed versus 2% on average; spring wheat was 1% planted, same as average. On the KC May chart, resistance is at the 20-day moving average at $5.80, which we faded from this morning. 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.