DTN Midday Grain Comments 05/01 10:52

DTN Midday Grain Comments 05/01 10:52 Soybeans Higher at Midday; Wheat Lower; Corn Flat-Lower Corn futures are flat to a penny lower at midday Wednesday; soybean futures are 6 to 8 cents higher; wheat futures are 2 to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny lower at midday Wednesday; soybean futures are 6 to 8 cents higher; wheat futures are 2 to 9 cents lower. The U.S. stock market is mixed at midday with the S&P 13 points lower. The U.S. Dollar Index is narrowly mixed. The interest rate products are firmer. Energies are weaker with crude off 2.25 and natural gas off 7 cents. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up 12.00. CORN: Corn futures are flat to a penny lower in rangebound trade as we chop into midweek with little fresh news. Weekly ethanol production showed a rebound of 33,000 barrels per day (bpd) with stocks down by 245,000 barrels. The GREET standards issued Tuesday will drive discussion for SAF and practices into 2025. Near-term weather keeps rain chances in play for much of the Corn Belt with planting progress likely slower in many areas. Expectations for weekly export sales Thursday are in the 800,000 to 1.0 million metric ton (mmt) range. The recent patterns in South America continue with some areas of concern for double-crop corn lingering. On the July chart the 20-day moving average at $4.46 is nearby support, which we are just above at midday, with the recent high at $4.60 the next level of resistance. SOYBEANS: Soybean futures are 6 to 8 cents higher at midday with trade working to rebound from the lower end of the range again as oil leads the product complex. Meal is 2.50 to 3.50 lower and oil is 25 to 35 points higher. South American bushels should continue to attract the most export attention as harvest rolls on there. Weekly export sales are expected to be in the 200,000 to 350,000 metric ton (mt) range Thursday. Planting progress will likely slow with the rains, but there is plenty of window at this point before concerns would show up. The July soybean futures have support at the $11.40 recent low. Chart resistance is at the 20-day moving average at $11.77, which we are fading from again. WHEAT: Wheat futures are 2 to 9 cents lower with early strength fading again as we further ease overbought conditions while spreads soften a bit with little other fresh news. The Plains will see seasonal to above normal temps to push the crop along with better overall rain chances expected into early May. The western Plains are expected to struggle the most with some storms out there Tuesday, while Black Sea concerns should ease in the short term with the extended forecast being watched for further pattern change. The dollar continues to work a bit short of the highs with MATIF wheat on holiday for May Day. Weekly export sales are expected to be in the 250,000 to 400,000 mt range. On the KC July chart, support is the 20-day moving average at $6.00, 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.