DTN Midday Grain Comments 04/21 10:46

DTN Midday Grain Comments 04/21 10:46 Grain Futures Trending Lower Midday Thursday Corn trade is 9 cents to 13 cents lower; beans are 2 to 8 cents lower and wheat is 4 to 15 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the Dow 175 points higher. The U.S. Dollar Index is 0.05 lower. Interest rate products are weaker. Energies are mixed with crude with crude $1.10 higher and natural gas off $0.15. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold down $9.00. CORN: Corn trade is 9 to 13 cents lower at midday Thursday with trade continuing to grind at the upper end of the range with slightly softer spread trade and little fresh news as trade watches to see how the forecast evolves. Ethanol margins should remain stable as stocks decline slowly with corn values and other inputs trying to take a breather. 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. Weekly export sales were a little soft at 879,200 metric tons old, 389,600 new crop. The second crop in Brazil will continue to head towards pollination with more holes in the forecast with U.S. weather cool and wet with better potential for the drier west the second week. On the July contract chart, we have support at the 20-day moving average at $7.57 with resistance at the new contract high of $8.14 printed Tuesday. SOYBEANS: Soybean trade is 2 to 8 cents lower with slightly weaker spread action and two-sided action during the day session after the sharp Wednesday gains as we work to consolidate gains overall. Meal is $0.50 to $1.50 lower and oil is 0.05 cent to 0.15 cent 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 disadvantage, but slow progress will support soybeans for now. The daily wire was quiet again today with weekly export sales were mixed at 460,200 metric tons of old crop, 1.24 million of new crop, meal was 101,800 metric tons of old crop, 27,000 of new, with 1,200 of oil. On the July soybean chart, we have resistance at the upper Bollinger Band at $17.32. Support is at the $16.50 20-day, which we hold solidly above. WHEAT: Wheat trade is 4 to 15 cents lower at midday with light selling returning overnight as trade sees potential forecast improvement in the second week yet again and little other fresh bullish news. Spring wheat planting will likely remain limited short term. Little change is expected in the Black Sea region for now. KC wheat is back to a 10-cent discount to Minneapolis widening from recent from the recent highs, and at a 74-cent premium to Chicago. Weekly export sales were range bound at 26,300 metric tons old crop and 238,400 of new. The KC July chart has resistance at the fresh high at $12.02 1/4 scored Tuesday with the upper Bollinger Band at $12.16 just above that, and the 20-day well below that market at $11.06. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.