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DTN Midday Grain Comments     04/22 10:53

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 6 to 7 cents higher at midday Monday; soybean futures are 
10 to 12 cents higher; wheat futures are 12 to 26 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents higher at midday Monday; soybean futures are 
10 to 12 cents higher; wheat futures are 12 to 26 cents higher. The U.S. stock 
market is firmer at midday with the S&P 13 points higher. The U.S. Dollar Index 
is up 10 points. The interest rate products are weaker. Energies are mixed with 
crude off .80 and natural gas up 5 cents. Livestock trade is firmer with cattle 
leading. Precious metals are sharply lower with gold off 65.00.

CORN:

   Corn futures are 6 to 7 cents higher with corn finding strength during the 
day session with spillover support from wheat helping to drive trade higher. 
Ethanol margins should receive a boost from higher summer blends being okayed 
with unleaded weakness narrowing blender margins just a bit. Near-term weather 
looks warmer and wetter for much of the Corn Belt, which should keep planting 
moving along ahead of the five-year average on the Crop Progress report Monday 
afternoon and into next week. Weekly export inspections were strong at 1.624 
million metric tons (mmt). The second crop in Brazil sees some areas of dryness 
but overall major concerns are limited while Argentina dries out a bit. On the 
May chart, the 20-day moving average at $4.32 is nearby support, which we 
closed just above Friday, with the recent high at $4.48 the next level of 
resistance.

SOYBEANS:

   Soybean futures are 10 to 12 cents higher with early losses turning to gains 
during the day session with good short-covering and oil leading the product 
complex. Meal is narrowly mixed and oil is 85 to 95 points higher. Brazil 
harvest should be just about wrapped up, with Argentina bushels coming soon as 
the South America export season expands. Weekly export inspections were 
rangebound at 435,256 metric tons (mt). Planting progress should expand in the 
drier areas with the warm-up and remain ahead of the 5-year average on the Crop 
Progress report Monday afternoon. May soybean futures have support at the 
$11.28 recent low. Chart resistance is at the 20-day moving average at $11.71.  

WHEAT:

   Wheat futures are 12 to 26 cents higher at midday with the winter wheats 
leading as they push back to the upper end of the range yet again with KC 
edging past $6.00 nearby. The Plains will see seasonal to above normal temps to 
push the crop along with better overall rain chances the next two weeks to 
support development. The weekly Crop Progress report expected to show slightly 
lower conditions with maturity just ahead of the 5-year average with spring 
wheat planting ahead of the 5-year pace. Weekly export inspections were 
rangebound at 450,275 mt. The dollar continues to work a bit short of the highs 
with MATIF wheat working to extend the upper end of the range as well as it 
scores fresh highs for the move. On the KC May chart, support is the 20-day 
moving average at $5.81, which we have moved away from this morning, with the 
fresh high at $6.07 as further resistance.

   David Fiala can be reached at dfiala@futuresone.com. 

   Follow him on social platform X @davidfiala.




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