DTN Midday Grain Comments     04/01 10:59

   Corn, Soybean, Wheat Futures All Lower at Midday Wednesday

   Corn futures are 8 to 9 cents lower at midday Wednesday; soybean futures are 
12 to 14 cents lower; wheat futures are 6 to 23 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 8 to 9 cents lower at midday Wednesday; soybean futures are 
12 to 14 cents lower; wheat futures are 6 to 23 cents lower. The U.S. stock 
market is sharply higher at midday with the S&P 65 points higher. The U.S. 
Dollar Index is 50 points lower. The interest rate products are firmer. Energy 
trade is weaker with crude off 1.50 and natural gas off .05. Livestock trade is 
mostly higher with cattle scoring new highs. Precious metals are firmer with 
gold up 125.00.

CORN:

   Corn futures are 8 to 9 cents lower at midday with early gains fading as 
commodities turned to risk-off action overnight after a flat move after the 
report. On the report, we saw corn acres at 95.338 million versus 94.371 
million expected and 98.788 million last year with stocks at 9.021 billion 
bushels (bb) versus 9.104 bb expected and 8.147 bb last year. Ethanol margins 
should remain solid in the short term with weekly production off by 41,000 
barrels per day and stocks down by 1.2 million barrels on the week. Weekly 
export sales are expected to be in the 400,000 to 600,000 metric ton (mt) range 
Thursday. Basis likely continues to hold the recent range. New-crop price 
ratios continued to edge toward soybeans in the short term. On the May chart, 
resistance is the 20-day moving average at $4.59 with the lower Bollinger Band 
at $4.46 as support.

SOYBEANS:

   Soybean futures are 12 to 14 cents lower at midday with trade fading from 
the post-report highs with the risk-off trade with oil fading from the upper 
end of the range overnight. Meal is 3.00 to 4.00 lower and oil is 170 to 180 
points lower. On the report, acres were 84.70 million versus 85.549 million 
expected and 81.215 million last year with stocks at 2.105 bb versus 2.067 bb 
expected and 1.911 bb last year. South America progress should remain on or 
ahead of pace with seasonal export availability good. Basis should stay flat in 
the short term with nearby availability remaining good for end users. Weekly 
export sales are expected to be in the 400,000 to 600,000 mt range. On the May 
contract, chart resistance is $11.78, where we find the 20-day moving average, 
with the Lower Bollinger Band at $11.32 as support.

WHEAT:

   Wheat futures are 6 to 23 cents lower with KC the downside leader as trade 
fades from the fresh highs scored post report on lighter acres and weather 
concerns with overbought conditions easing. On the report, stocks were 1.3 bb 
versus 1.31 bb expected and 1.237 bb last year with acres at 43.775 million 
versus 44.786 million expected and 45.328 million last year with spring wheat 
decline more notable. Weather for the Plains looks to cool at midweek with 
rains to the east with the second week warmer again. Matif wheat is sharply 
lower with the euro firming. On the KC May chart, support is the 20-day moving 
average at $6.15, which we are testing at midday, with resistance the fresh 
high at $6.48 1/2.

    

   **

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   **

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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