DTN Midday Grain Comments 04/10 10:50

DTN Midday Grain Comments 04/10 10:50 Corn, Wheat Higher and Beans Lower at Midday Wednesday Corn trade is 3 to 4 cents higher; beans are 6 to 7 cents lower and wheat trade is 4 to 17 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is sharply lower at midday with the S&P 52 points lower. The dollar index is up 100 points. The interest rate products are weaker. Energies are mixed with crude off 33 cents and natural gas up 1 cent. Livestock trade is mostly lower. Precious metals are mixed with gold down $11.50. CORN: Corn is 3-4 cents higher at midday with choppy range-bound action continuing ahead of the WASDE report due out for old-crop tomorrow with firming spreads so far today. On the report, trade is looking for carryout at 2.102 billion bushels, down slightly from last month with little change overall to South American numbers. The weekly ethanol report showed production down by 17,000 barrels per day with stocks down by 208,000 barrels with overall driving demand soft. The daily wire remained quiet. Basis should remain steady to firm short term. Near-term weather looks to warm up enough to push fieldwork in the drier spots with rains to slow action in the southern and eastern growing areas. Little short-term issues are seen in double-crop areas of Brazil as well. On the May chart, the 20-day at $4.35 is nearby resistance which we are testing at midday with our support of the lower Bollinger Band at $4.26. SOYBEANS: Soybean trade is 6-7 cents lower at midday with trade fading back to the lower end of the range with product action softening again. Meal is $.50 to $1.50 lower and oil is 35 to 45 points lower. On the report tomorrow, trade is looking for carryout at 317 million bushels, up slightly from last month, with a little change in South American estimates. South America continues to see few short-term issues as harvest rolls on in Brazil and the growing season winds down in Argentina. The daily wire saw 254,000 metric tons of new crop sold to unknown. Planting in the U.S. should start to advance with warmer temps in some areas of the U.S., but overall progress will remain limited. The May soybean futures have support at the $11.68 lower Bollinger Band which we have tested this morning. Chart resistance is at the 20-day moving average at $11.90 which we faded from Monday. WHEAT: Wheat trade is 3-17 cents higher at midday with trade pushing back towards the upper end of the recent range with KC leading as choppy trade continues through midweek. The Plains will see seasonal temperatures short term with a bit drier short-term look for the hard red winter wheat areas with Black Sea area weather expected to see better moisture the second week after recent dryness, along with wet conditions in France nearby. The dollar is back to the recent highs after the hot inflation numbers with MATIF wheat bouncing off support levels to stay in the upper end of the recent range. According to the report, trade is looking for carryout to rise slightly to 690 million bushels. On the KC May Chart support is the 20-day at $5.80 that we are back above this morning, with the upper Bollinger band at $5.94 as resistance which we are testing 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.