DTN Midday Grain Comments 04/19 11:25

DTN Midday Grain Comments 04/19 11:25 Corn, Beans Higher and Wheat Flat to Higher Midday Friday Corn trade is 5-6 cents higher. Beans are 10-12 cents higher and wheat trade is flat to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday Friday with the S&P 20 points lower. The dollar index is off 15 points. The interest rate products are firmer. Energies are firmer with crude up .30 and natural gas up 1 cent. Livestock trade is mostly higher. Precious metals are firmer with gold up $9.30. CORN: Corn is 5-6 cents higher at midday with trade pushing back to nearby resistance levels with broader ethanol blends being OK for summer and ag strength after the airstrikes last night. Ethanol margins should receive a boost from higher summer blends being OK'd with unleaded still near the upper end of the range. 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 saw 216,500 metric tons (mt) of mostly new crop sold to Mexico. 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 $4.32 is nearby resistance which we are testing at midday with our support of the lower Bollinger Band at $4.24. SOYBEANS: Soybeans are 10-12 cents higher at midday with trade pressing back to the overnight highs at midday with meal again leading the product complex. Meal is $4.50 to $5.50 higher and oil is flat to 10 points lower. Brazil harvest is winding down with Argentina bushels coming soon as the South America export season expands. The daily wire saw 121,500 mt of mostly new crop beans sold to unknown. Planting progress should slow a bit with the cool down short term. The May soybean futures have support at the $11.28 recent low. Chart resistance is at the 20-day moving average at $11.72. WHEAT: Wheat trade is flat to 8 cents higher with Chicago action at midday but with action 10-15 cents off the overnight post-airstrike highs with the ranges holding overall. The Plains will see seasonal temperatures start to give way to a cooler stretch through the weekend with overall moisture prospects better the second week for Kansas along with warming temps. The dollar continues to work a bit short of the highs with MATIF wheat working to the top of the recent range. On the KC May chart, resistance is the 20-day at $5.81 which 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.