DTN Midday Grain Comments 04/08 10:51

DTN Midday Grain Comments 04/08 10:51 Corn Mixed, Bean and Wheat Higher at Midday Monday Corn trade is flat to a penny higher, beans are 1 to 2 cents higher and wheat trade is 1 to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P unchanged. The dollar index is 14 points lower. The interest rate products are weaker. Energies are mixed with crude off 90 cents and natural gas up 5 cents. Livestock trade is mostly lower. Precious metals are firmer with gold up $2.50. CORN: Corn is flat to a penny higher at midday with trade seeing two-sided action continue just below nearby resistance to start the week. Ethanol margins should remain range-bound short term with better spring driving demand needed to dent the large seasonal stocks. The daily wire was quiet to start the week with weekly export inspections improved further at 1.420 million metric tons. Basis should remain steady to firm short term. Near-term weather looks to warm up enough to push fieldwork in the drier spots with weekly crop progress likely to show planting pace just ahead of the five-year average this afternoon. On the May chart, the 20-day at $4.36 is nearby resistance which we faded from this AM with our support the lower Bollinger Band at $4.26. SOYBEANS: Soybean trade is 1-2 cents higher to start the week with meal leading the product side as oil slides with resistance just above the midday trade. Meal is $2.50 to $3.50 higher and oil is 90 to 100 points lower. South America continues to see few issues short term as harvest rolls on in Brazil and the growing season winds down in Argentina. The daily wire was quiet to start the week with weekly export inspections remaining soft seasonally at 484,328 metric tons. May soybean futures have support at the $11.71 lower Bollinger Band. Chart resistance is at the 20-day moving average at $11.91 which we faded from this morning. WHEAT: Wheat trade is 1-3 cents higher with KC action leading to start the week with trade pressing back into the nearby resistance levels before fading again with warmer and drier short-term forecasts and watching developing world issues into spring. The Plains will see seasonal temperatures in the short term with a bit drier short-term look with Black Sea area weather to draw more focus soon with rains needed again soon. The dollar is back to the middle of the range with MATIF wheat firming again as well. Weekly export inspections were in line with expectations at 497,534 metric tons. Weekly conditions are expected to be flat with maturity just ahead of the five-year average. On the KC May Chart support is the 20-day at $5.82 that we pushed through Friday, then the upper Bollinger band at $5.99 as resistance. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.