DTN Midday Grain Comments 04/27 10:54

DTN Midday Grain Comments 04/27 10:54 Corn, Soybean Futures Prices Higher; Wheat Mixed Corn futures are 5 to 11 cents higher at midday Wednesday; soybean futures are 10 to 14 cents higher; wheat futures are 9 cents lower to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the DOW 290 points lower. The U.S. Dollar Index is 80 points higher. Interest rate products are weaker. Energies are mixed with crude with crude .60 lower and natural gas up .30. Livestock trade is mostly lower. Precious metals are weaker with gold down 17.00. CORN: Corn futures are 5 to 11 cents higher with trade pushing to new highs on the July contract with stronger spread action during the day session with weather little changed. The weekly ethanol report showed production slightly higher, up 16,000 barrels per day (bpd), with stocks down another 377,000 barrels, although still elevated for this time of year. The second crop in Brazil will continue to head toward pollination with some holes remaining in the forecast with U.S. weather cool and wet for the Central and Eastern Corn Belt to keep planting progress mixed with the west to pick up steam through midweek. On the July contract chart, we have support at the 20-day moving average at $7.71 with resistance at the new contract high of $8.18, printed this morning. SOYBEANS: Soybean futures are 10 to 14 cents higher at midday with early two-sided action firming as meal comes back from the lows. Meal is $3.00 to $4.00 higher and oil is 130 to 150 points higher. Indonesia expanded their palm oil ban to encompass raw oil as well. The daily export wire was quiet after the recent run of strength. South American harvest will head for the homestretch with early planting picking up steam. New-crop November has gained a little versus corn in recent days, but remains at a disadvantage and slow corn planting is likely to help defend soybean acres if sustained. On the July soybean chart, we have resistance at the upper Bollinger band at $17.37. Support is at the $16.54 20-day moving average, which we remain solidly above. WHEAT: Wheat futures are 9 cents lower to 5 cents higher at midday with trade working to consolidate further as the longer term forecast moderates a bit, while planting delays will continue to be watched toward the north. Little change is expected in the Black Sea region for now with Middle East tenders still slow to develop. KC wheat is back to a 38-cent discount to Minneapolis, widening from recent highs, and at a 69-cent premium to Chicago, narrowing significantly from the start of the week. The KC July chart has resistance at the fresh high at $12.02 1/4 scored last week with the upper Bollinger band at $12.31 just above that, and the 20-day moving average well below that market at $11.22. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.