DTN Midday Grain Comments     04/03 10:59

   Corn Futures Higher at Midday; Soybeans Lower; Wheat Mixed

   Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are 
13 to 14 cents lower; wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are 
13 to 14 cents lower; wheat futures are narrowly mixed. The U.S. stock market 
is sharply lower with the S&P 230 points lower. The U.S. Dollar Index is 210 
points lower. The interest rate products are firmer. Energy trade is sharply 
lower with July crude 5.40 lower, while natural gas .10 higher. Livestock trade 
is weaker with cattle the downside leader. Precious metals are weaker with gold 
off 32.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with trade able to firm back 
from the early lows with the cheaper dollar and optimism on less fresh tariffs 
with major corn input partners adding support. Ethanol margins will narrow if 
losses in crude and unleaded persist. Weekly export sales were solid at 1.173 
million metric tons (mmt). Basis should remain fairly flat in the short term. 
Weather looks to hold the short-term pattern in Brazil for the double crop. On 
the May chart, the 20-day moving average at $4.61 is resistance, which we have 
tested Thursday morning, with support at the fresh low at $4.42 from last week.

SOYBEANS:

   Soybean futures are 13 to 14 cents lower at midday with meal strength 
helping pull action back off the lows with trade concerns to continue hanging 
over the market to limit sustained upside. Meal is 2.00 to 3.00 higher and oil 
is 170 to 180 lower as it pulls back from the recent surge on biodiesel 
optimism. South American weather looks to remain cooperative for harvest to 
keep overall harvest pressure easing. Weekly export sales soft at 410,200 
metric tons (mt) old-crop; 3,300 mt new-crop; meal at 93,500; oil at 13,800 
old-crop and 9,100 new-crop. Basis is expected to firm some if crush margins 
continue to hold. On the May chart, support is at the 20-day moving average at 
$10.14, which we are testing at midday, then the $9.97 low seen last week. The 
50-day moving average at $10.38 is May chart resistance.

WHEAT:

   Wheat is narrowly mixed with KC trade leading with weather concerns and the 
cheaper dollar to add some support versus the risk-off action. The hard red 
wheat areas remain very short moisture with only limited improvement short 
term. The second week forecast looks warmer and drier, which will likely add 
support if the nearby rains are disappointing. MATIF wheat is weaker with the 
euro strength. Weekly export sales were better at 340,000 mt old-crop and 
95,200 mt new-crop. On the KC May chart, resistance is the 20-day moving 
average at $5.76, with the next level of support the Lower Bollinger Band at 
$5.46.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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