DTN Midday Grain Comments 04/29 10:49

DTN Midday Grain Comments 04/29 10:49 Corn, Beans Lower; Wheat Flat to Lower Midday Monday Corn trade is 3-4 cents lower. Beans are 1-2 cents lower and wheat trade is flat to 20 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday Monday with the S&P 10 points higher. The dollar index is off 25 points. The interest rate products are firmer. Energies are mixed with crude off $1.10 and natural gas up 8 cents. Livestock trade is mostly lower. Precious metals are mixed with gold unchanged. CORN: Corn is 3-4 cents lower at midday with trade fading back to nearby support with the positive spillover from wheat easing and little other fresh bullish news. Ethanol margins should remain range-bound with short term as spring driving should expand further into May. Near-term weather keeps rain chances in play for much of the belt with planting and emergence likely to remain just ahead of the five-year average today. The daily wire was quiet today with weekly export inspections fading a little to 1.226 million metric tons (mmt). Little change is seen near term for South American weather with some areas of concern lingering for second-crop corn. On the July chart, the 20-day at $4.46 is nearby support which we are testing at midday with the recent high at $4.60 the next level of resistance. SOYBEANS: Soybeans are 1-2 cents lower at midday with trade fading from another test of nearby resistance at midday. Meal is $3.50 to $4.50 higher and oil is 65 to 75 points lower. South American bushels should continue to attract the most export attention as harvest continues to wrap in Brazil with Argentina coming soon. The daily wire was quiet today with weekly inspections soft at 250,332 metric tons (mt). Planting progress is likely slow with rains, but the warmer weather should help the emergence on planted acres with the weekly report likely to show both just ahead of average. July soybean futures have support at the $11.40 recent low. Chart resistance is at the 20-day moving average at $11.79 which we have faded from again at midday. WHEAT: Wheat trade is flat to 20 cents lower with Chicago action the downside leader with better Black Sea weather short term while the Plains remain mixed and overbought conditions ease a bit. The Plains will see seasonal-to-above-normal temps push the crop along with better overall rain chances expected into early May with some of the eastern growing areas getting significant rains this weekend. Black Sea concerns should ease short term. The dollar continues to work a bit short of the highs with MATIF wheat fading off the highs this morning. Weekly export inspections were in line with recent weeks at 481,183 mt. Weekly crop progress is expected to show further declines with maturity ahead of average with spring wheat holding just ahead of average on planting and emergence. On the KC July chart, support is the 20-day at $5.94, with the fresh high at 6.64 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.