DTN Midday Grain Comments 04/18 10:52

DTN Midday Grain Comments 04/18 10:52 Corn and Beans Lower, Wheat Higher at Midday Thursday Corn trade is 3-4 cents lower. Beans are 10-12 cents lower and wheat trade is 2-9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday Thursday with the S&P 30 points higher. The dollar index is up 7 points. The interest rate products are weaker. Energies are weaker with crude off .50 and natural gas off 2 cents. Livestock trade is mostly higher. Precious metals are firmer with gold up $8. CORN: Corn is 3-4 cents lower at midday with lightly firmer spread action as trade fades back to the lower end of the range at midday. Ethanol margins are seeing unleaded fade to pressure blenders with little change for producers short term. Basis should remain sideways until the end of the month. Near-term weather looks to slow planting progress a bit with cooler temps short term with some rains again this morning and more chances for moisture as it warms up the second week. The daily wire remained quiet with export sales rebounding a bit from last week to 501,200 metric tons old, and 65,000 of new. The second crop in Brazil should continue to develop without major immediate concerns with some excess moisture and disease concerns lingering in Argentina. On the May chart, the 20-day at $4.33 is nearby resistance with our support of the lower Bollinger Band at $4.25. SOYBEANS: Soybeans are 10-12 cents lower at midday with product weakness helping to pull action back to fresh lows after some light strength Wednesday. Meal is $1.50 to $2.50 lower and oil is 30 to 40 points lower. Brazil harvest is winding down, with Argentina still battling a bit of short-term excess moisture as the South American export window continues to expand. The daily wire saw 138,000 metric tons of meal sold to Philippines with weekly sales edging up for beans at 485,800 metric tons old-crop, 263,200 for new with meal, oil soft with 129,800 of old meal and 1,000 of new with oil at 100 metric tons. Planting progress should slow a bit with the cool-down short term. The May soybean futures have support at the $11.38 lower Bollinger Band which we are testing at midday. Chart resistance is at the 20-day moving average at $11.80. WHEAT: Wheat trade is 2-9 cents higher with trade finding support again after the Wednesday pullback as we stay range-bound overall with Minneapolis trade leading. The Plains will see seasonal temperatures start to give way to a cooler stretch at the end of the week with overall moisture prospects better the second week for Kansas. The dollar is solidly off the upper end of the range after the late session pullback yesterday with MATIF wheat showing good action at midday. Weekly export sales were soft at -93,600 metric tons of new crop, and 222,000 of new. On the KC May chart, resistance is the 20-day at $5.82 that we are just below at midday, with the lower Bollinger band at $5.67 as support. David Fiala can be reached at dfiala@futuresone.com. Follow him on X, formerly Twitter, @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.