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DTN Midday Grain Comments 04/29 10:57
Corn, Soybeans Higher at Midday Wednesday; Wheat Flat to Higher
Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures
are 5 to 6 cents higher; wheat futures are flat to 5 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures
are 5 to 6 cents higher; wheat futures are flat to 5 cents higher. The U.S.
stock market is mixed at midday with the S&P 5 points lower. The U.S. Dollar
Index is 18 points higher. The interest rate products are weaker. Energy trade
is mostly higher with crude up 5.30 and natural gas off .05. Livestock trade is
mostly higher with live cattle holding the highs. Precious metals are weaker
with gold off 53.00.
CORN:
Corn futures are 1 to 2 cents higher at midday with light buying continuing
as trade presses into resistance and December action is just short of $5.00.
Weekly ethanol production slumped by 31,000 barrels per day while stocks were
down by 1.1 million barrels on the week which should boost margins coming
forward. The daily export wire remained quiet with weekly sales expected to be
in the 700,000 to 1.0 million metric ton range tomorrow. Basis likely continues
to hold the recent range through the end of the month and the transitions to
July being front month. Planting progress should start to pick back up with
more open weather. On the July chart support is the 20-day at 4.61 with the
Upper Bollinger Band at $4.75 which we are above at midday.
SOYBEANS:
Soybean futures are 5 to 6 cents higher at midday with trade again testing
upside resistance, with oil leading the product complex as it scores another
new high. Meal is 3.00 to 4.00 lower, and oil is 85 to 95 points higher. South
American availability should remain good near term as harvest winds down. Basis
is expected to remain flat short term with export remaining limited to keep
overall action soft as July becomes front month. The daily wire stayed quiet as
well with weekly sales expected to be in the 200,000 to 400,000 metric ton
range tomorrow. Planting pace should pick back up as weather opens up for many.
On the July contract chart support is 11.82 where we find the 20-day moving
average, and resistance is the Upper Bollinger Band at $11.95 which we are
testing at midday.
WHEAT:
Wheat futures are flat to 5 cents higher with another set of highs coming in
as KC looks to consolidate past $7.00 as the forecast remains limited in
further relief for the plains but we have faded a dime from the early highs.
The western plains are expected to remain mostly dry short term with the better
rains to the south where the crop is more advanced. Spring wheat planting
should expand more with open weather. Matif wheat is firming for new crop as
well. Black sea area weather has held the recent pattern. Weekly export sales
are expected to be in the 250,000 to 500,000 metric ton range between crop
years. On the KC July Chart support is the 20-day at $6.46 with the fresh high
at $7.18 1/2 as resistance.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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