DTN Midday Grain Comments 04/20 10:52

DTN Midday Grain Comments 04/20 10:52 Corn Futures Prices Mixed at Midday; Soybeans Higher; Wheat Lower Corn futures are 3 cents lower to 5 cents higher at midday Wednesday; soybean futures are 1 to 14 cents higher; wheat futures are 11 to 22 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the DOW 270 points higher. The U.S. Dollar Index is 65 points lower. Interest rate products are firmer. Energies are mixed with crude flat and natural gas off .30. Livestock trade is mostly higher with cattle leading. Precious metals are weaker with gold down 3.00. CORN: Corn futures are 3 cents lower to 5 cents higher at midday with stronger spread action so far after the fade Tuesday with trade working just off the recent highs with little fresh news so far. The weekly ethanol report showed production down another 48,000 barrels per day (bpd), with stocks down 461,000 barrels. Trade will be watching for further sales on the daily wire with more action of soybeans in recent days and nothing showing up so far this week. The second crop in Brazil will continue to head toward pollination with more holes in the forecast with U.S. weather cool and wet except for the western growing areas, which remain dry with the second week drier for most. On the July contract chart, we have support at the 20-day moving average at $7.53 with resistance at the new contract high of $8.14 printed Tuesday. SOYBEANS: Soybean futures are 1 to 14 cents higher at midday with much firmer spread action as July pushes back to $17.00 with new crop chopping around $15.25 as it works to defend acres and recent export interest supports old crop. Meal is $4.00 to $5.00 higher and oil is 20 to 30 higher. South American harvest will continue to push forward with early planting slowly getting started in the U.S. New-crop November has gained a little versus corn in recent days, but remains at a disadvantage; however, slow progress will support soybeans. The daily wire was quiet Wednesday, breaking the recent streak. On the July soybean chart we have resistance at the Upper Bollinger band at $17.26. Support is at the $16.48 20-day moving average which we continue to hold solidly above. WHEAT: Wheat futures are 11 to 22 cents lower at midday with broad profit-taking as overbought conditions and a lack of fresh bullish news offset short-term weather concerns on the Plains, and in the Dakotas. Weather looks to remain challenging in the short term with a better planting window potentially the second week. Little change is expected in the Black Sea region for now. KC wheat is back to a 6-cent discount to Minneapolis, widening from recent highs, and at a 71-cent premium to Chicago. The KC July chart has resistance at the fresh high of $12.02 1/4 scored Tuesday with the upper Bollinger Band at $12.16, just above that, and the 20-day moving average well below that market at $11.04. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.