DTN Midday Grain Comments     05/02 10:49

   Soybean, Wheat Futures Higher at Midday; Corn Mixed

   Corn futures are narrowly mixed at midday Friday; soybean futures are 4 to 5 
cents higher; wheat futures are 10 to 11 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Friday; soybean futures are 4 to 5 
cents higher; wheat futures are 10 to 11 cents higher. The U.S. stock market is 
firmer with the S&P 60 points higher. The U.S. Dollar Index is 65 points lower. 
The interest rate products are weaker. Energy trade is mixed with crude .90 
lower and natural gas .10 higher. Livestock trade is sharply higher. Precious 
metals are mixed with gold up 40.00.

CORN:

   Corn futures are narrowly mixed with soft spread action as early gains fade, 
keeping us in the lower end of the recent range. Ethanol margins will likely 
continue to struggle with unleaded still at the lower end of the range. Warmer 
weather into midmonth should keep planters rolling ahead of the average pace 
with OK moisture coverage nationally. Basis should remain fairly sideways near 
term. Double-crop weather in Brazil should continue to allow for good crop 
development. On the July chart, the 20-day moving average at $4.82 is 
resistance with support the lower Bollinger Band at $4.65.

SOYBEANS:

   Soybean futures are 4 to 5 cents higher at midday with meal leading the 
product complex so far with little fresh news to drive action out of the recent 
range. Meal is 3.50 to 4.50 higher and oil is 55 to 65 points lower. South 
America shows little short-term change as remaining harvest continues to wind 
down. Warmer weather should boost emergence for early planted soybeans as 
planting progress should remain solid short term around the scattered rains 
into the weekend. Basis will likely remain sideways into the end of the month. 
On the July chart, support is the 20-day moving average at $10.41, with the 
Upper Bollinger Band at $10.81 the next round up.

WHEAT:

   Wheat futures are 10 to 11 cents higher at midday with broad short-covering 
returning with deeply oversold conditions still in place and the weaker dollar 
likely to add a bit more short-term support along with some Black Sea concerns 
returning. The hard red wheat areas are expected to see further showers into 
the weekend to continue to promote short-term crop development. MATIF wheat is 
firming off the lower end of the range as well. On the KC July chart, 
resistance is the 20-day moving average at $5.60 with the next level of support 
the fresh low at $5.26.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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