DTN Midday Grain Comments 04/29 11:10

DTN Midday Grain Comments 04/29 11:10 Corn, Soybean Futures Prices Higher; Wheat Lower Corn futures are 4 to 7 cents higher at midday Friday; soybean futures are 4 to 9 cents higher; wheat futures are 13 to 22 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker with the DOW 325 points lower. The U.S. Dollar Index is 40 points lower. Interest rate products are weaker. Energies are firmer with crude with crude 1.00 higher and natural gas up .20. Livestock trade is weaker. Precious metals are mixed with gold up 15.00. CORN: Corn futures are 4 to 7 cents higher as trade firms again during the day session with stronger spread action to keep us at the upper end of the range with mixed weather inputs and spillover from soybeans. The daily export wire was quiet Friday. Ethanol margins will continue to be squeezed by input costs with spring driving demand and slowly sliding stocks to provide support. The second crop in Brazil will continue to head toward pollination with stress remaining in the forecast. U.S. weather will be wetter for most in the short term, with the second week looking more conducive to planting progress and some relief rains in the drier areas of the Corn Belt. On the July contract chart, we have support at the 20-day moving average at $7.79 with resistance at the new contract high of $8.24 1/2 printed Friday. SOYBEANS: Soybean futures are 4 to 9 cents higher at midday with trade fading back from a test of the recent highs overnight. Meal is $3.50 to $4.50 higher, and oil is 150 to 160 points lower. Meal has tried to rally from the recent lows, while oil remains overbought, helping to fuel some month-end profit-taking. The daily export wire was quiet again Friday. 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 a bit. On the July soybean chart, we have resistance at the Upper Bollinger band at $17.43. Support is at the $16.61 20-day moving average, which we remain solidly above. WHEAT: Wheat futures are 13 to 22 cents lower at midday with Minneapolis holding up the best as spreads shift again, and some rains catch dry areas of the Plains with little other fresh news. The dollar reversing should add some support Friday if sustained. Little change is expected in the Black Sea region for now with Middle East tenders still slow in developing. KC wheat is back to a 60-cent discount to Minneapolis, widening significantly so far this week, and at a 52-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 $12.25 just above that, with support at $11.30 at the 20-day moving average, which we have faded below at midday, then the $11.00 area. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.