DTN Midday Grain Comments     05/01 10:49

   Corn, Soybean Futures Higher at Midday Friday; Wheat Mixed

   Corn futures are 4 to 5 cents higher at midday Friday; soybean futures are 3 
to 4 cents higher; wheat is 2 cents lower to 2 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Friday; soybean futures are 3 
to 4 cents higher; wheat is 2 cents lower to 2 cents higher. The U.S. stock 
market is solidly higher at midday with the S&P 45 points higher. The U.S. 
Dollar Index is 20 points lower. The interest rate products are firmer. Energy 
trade is mostly lower with crude off 3.30 and natural gas up .02. Livestock 
trade is mixed with live cattle scoring fresh highs. Precious metals are firmer 
with gold up 18.00.

CORN:

   Corn futures are 4 to 5 cents higher at midday with trade again pressing 
back to the top of the range with flat spread action and December staying just 
short of $5.00. Ethanol margins look to remain stable with blenders likely to 
see further gains into spring even with unleaded easing Friday. The daily 
export wire saw 148,240 metric tons (mt) sold to unknown destinations. Basis 
will likely continue to hold the recent range into the start of May. Planting 
progress should start to pick up with more open weather, albeit cooler than 
average temps to slow emergence. On the July chart, support is the 20-day 
moving average at $4.63 with the Upper Bollinger Band at $4.79, which we are 
testing at midday.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with oil continuing to 
lead the product side and July testing the $12.00 area. Meal is flat to 1.00 
higher and oil is 50 to 60 points higher. South American availability should 
remain good in the near term as harvest winds down. Basis is expected to remain 
flat in the short term with exports remaining limited to keep overall action 
soft as July becomes front month. Planting pace should pick back up as weather 
opens up for many, likely keeping us well ahead of average. On the July 
contract, chart support is $11.84 where we find the 20-day moving average, and 
resistance is the Upper Bollinger Band at $12.00, which we are testing 
overnight.

WHEAT:

   Wheat futures are 2 cents lower to 2 cents higher with two-sided action so 
far after the long liquidation seen into month's end Thursday. The western 
Plains are expected to remain mostly dry in the short term with the better 
rains to the south into next week where the crop is more advanced. Spring wheat 
planting should expand more with open weather. Matif wheat is closed for May 
Day. Black Sea area weather has held the recent pattern. On the KC July chart, 
support is the 20-day moving average at $6.52 with the fresh high at $7.18 1/2 
as resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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