DTN Midday Grain Comments     04/21 10:57

   Corn, Soybean, Wheat Futures All Higher at Midday Tuesday

   Corn futures are 2 to 3 cents higher at midday Tuesday; soybean futures are 
9 to 10 cents higher; wheat futures are 1 to 5 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Tuesday; soybean futures are 
9 to 10 cents higher; wheat futures are 1 to 5 cents higher. The U.S. stock 
market is weaker at midday with the S&P 22 points lower. The U.S. Dollar Index 
is 25 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up 2.25 and natural gas up .02. Livestock trade is mixed. 
Precious metals are weaker with gold down 60.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with action edging just past 
nearby resistance and softer spread action. Ethanol margins should remain 
strong in the short term as unleaded premiums remain substantial to boost 
blenders. Basis likely continues to hold the recent range. Planting progress 
should pick up in many areas with rains confined to the central part of the 
Corn Belt. The weekly Crop Progress report showed 11% planting complete versus 
9% on average and 4% emerged versus 2% on average. On the May chart, resistance 
is the 20-day moving average at $4.53, which we are just above with the lower 
Bollinger Band at $4.39.

SOYBEANS:

   Soybean futures are 9 to 10 cents higher at midday with oil scoring fresh 
highs to lead the product complex as we again try to push past nearby 
resistance. Meal is flat to 1.00 lower and oil is 215 to 225 points higher. 
South America should continue to push through remaining harvest as they take 
more of the world export share in the short term. Basis is expected to remain 
flat in the short term with improved crush margins possibly helping action. 
Early soybean planting should continue in many areas as well with the middle of 
the belt staying wetter. Weekly crop progress showed 12% planted versus 5% on 
average. On the May contract, chart resistance is $11.65, where we find the 
20-day moving average, which we are pulling away from at midday with the Lower 
Bollinger Band at $11.53 as support.

WHEAT:

   Wheat futures are 1 to 5 cents higher with light buying returning into the 
day session after early weakness. Weather for the Plains looks to keep the west 
warm and drier until a cooler and wetter stretch emerges this weekend with the 
main focus along the Nebraska/Kansas line. Matif wheat is lightly firmer Weekly 
crop progress showed winter wheat 20% headed versus 12% on average; 30% good to 
excellent, off 4 points; and 33% poor to very poor, with spring wheat 12% 
planted and 2% emerged, both same as average. Black Sea area weather is 
expected to stay stable in the short term. On the KC May chart, support is the 
20-day moving average at $6.18 with the Upper Bollinger Band at $6.45 as 
resistance, which we tested Monday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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