DTN Midday Grain Comments 04/22 10:53

DTN Midday Grain Comments 04/22 10:53 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 6 to 7 cents higher at midday Monday; soybean futures are 10 to 12 cents higher; wheat futures are 12 to 26 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 6 to 7 cents higher at midday Monday; soybean futures are 10 to 12 cents higher; wheat futures are 12 to 26 cents higher. The U.S. stock market is firmer at midday with the S&P 13 points higher. The U.S. Dollar Index is up 10 points. The interest rate products are weaker. Energies are mixed with crude off .80 and natural gas up 5 cents. Livestock trade is firmer with cattle leading. Precious metals are sharply lower with gold off 65.00. CORN: Corn futures are 6 to 7 cents higher with corn finding strength during the day session with spillover support from wheat helping to drive trade higher. Ethanol margins should receive a boost from higher summer blends being okayed with unleaded weakness narrowing blender margins just a bit. Near-term weather looks warmer and wetter for much of the Corn Belt, which should keep planting moving along ahead of the five-year average on the Crop Progress report Monday afternoon and into next week. Weekly export inspections were strong at 1.624 million metric tons (mmt). The second crop in Brazil sees some areas of dryness but overall major concerns are limited while Argentina dries out a bit. On the May chart, the 20-day moving average at $4.32 is nearby support, which we closed just above Friday, with the recent high at $4.48 the next level of resistance. SOYBEANS: Soybean futures are 10 to 12 cents higher with early losses turning to gains during the day session with good short-covering and oil leading the product complex. Meal is narrowly mixed and oil is 85 to 95 points higher. Brazil harvest should be just about wrapped up, with Argentina bushels coming soon as the South America export season expands. Weekly export inspections were rangebound at 435,256 metric tons (mt). Planting progress should expand in the drier areas with the warm-up and remain ahead of the 5-year average on the Crop Progress report Monday afternoon. May soybean futures have support at the $11.28 recent low. Chart resistance is at the 20-day moving average at $11.71. WHEAT: Wheat futures are 12 to 26 cents higher at midday with the winter wheats leading as they push back to the upper end of the range yet again with KC edging past $6.00 nearby. The Plains will see seasonal to above normal temps to push the crop along with better overall rain chances the next two weeks to support development. The weekly Crop Progress report expected to show slightly lower conditions with maturity just ahead of the 5-year average with spring wheat planting ahead of the 5-year pace. Weekly export inspections were rangebound at 450,275 mt. The dollar continues to work a bit short of the highs with MATIF wheat working to extend the upper end of the range as well as it scores fresh highs for the move. On the KC May chart, support is the 20-day moving average at $5.81, which we have moved away from this morning, with the fresh high at $6.07 as further resistance. David Fiala can be reached at dfiala@futuresone.com. Follow him on social platform X @davidfiala. (c) Copyright 2024 DTN, LLC. All rights reserved.