DTN Midday Grain Comments 04/05 10:49

DTN Midday Grain Comments 04/05 10:49 Corn Lower, Beans and Wheat Higher at Midday Friday Corn trade is 1-2 cents lower, beans are 2-3 cents higher and wheat trade is 3-13 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday Friday with the S&P 50 points higher. The dollar index is 20 points higher. The interest rate products are firmer. Energies are firmer with crude up 80 cents and natural gas up 2 cents. Livestock trade is mixed. Precious metals are firmer with gold up $35. CORN: Corn trade is 1-2 cents lower at midday with trade fading from a test of nearby resistance again with flat to softer spread action as trade continues to chop along. Ethanol margins should remain range-bound short term with better spring driving demand needed to dent stocks. The daily wire was quiet to close the week. Basis has firmed a bit in much of the belt this week. Near-term weather looks to warm up enough to push fieldwork in the drier spots. On the May chart, the 20-day at $4.36 is nearby resistance which we are just below at midday with our support area from the $4.24 1/2 weekly low to the lower Bollinger Band at $4.26. SOYBEANS: Soybean trade is 2-3 cents higher at midday with action working just below nearby resistance while product action remains mixed as we head towards the weekend. Meal is flat to $1 lower and oil is 25 to 35 points higher. South America continues to see few issues as harvest rolls on in Brazil and the growing season winds down in Argentina. The daily wire was quiet to end the week after new-crop sale yesterday. The May soybean futures have support at the $11.67 lower Bollinger Band and the contract low down at $11.29. Chart resistance is at the 20-day moving average at $11.91 which we faded from yesterday. WHEAT: Wheat trade is 3-13 cents higher at midday with Chicago action leading as trade yet again presses towards nearby resistance levels with action just off the early highs. The Plains will see seasonal temperatures short term with some moisture in the forecast that is needed with Black Sea area weather to draw more focus soon. The dollar is back to the middle of the range with MATIF wheat firming again. On the KC May chart, support remains at the lower Bollinger Band at $5.59 and the $5.51 low with resistance at the $5.90 50-day moving average which we are just short of at midday. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.