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DTN Midday Grain Comments     04/23 11:04

   Soybeans Continuing to Climb Midday Friday

   Corn trade is narrowly mixed at midday, soybeans are 7 to 15 cents higher 
and wheat is 2 cents lower to 3 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is firmer with the Dow up 170 points. The U.S. Dollar 
Index is 0.25 lower. Interest rate products are weaker. Energies are firmer 
with crude up $0.70. Livestock trade is firmer. Precious metals are mixed with 
gold down $11.


   Corn trade is narrowly mixed at midday with light profit taking overnight 
and trade seeing solid spread action going into option expiration. Ethanol 
margins remain strong with ethanol values holding the high end of the range 
with demand improving. The cool weather should start to end near term with 
bigger rains expected into early May, while South America continues to worry on 
the double-crop corn ahead of pollination with the hole in the Brazilian 
forecast still there. Corn basis is holding firm throughout the belt. Guatemala 
bought 136,680 metric tons of new-crop corn and unknown bought 336,000 metric 
tons. On the May contract, chart resistance is the new contract high at $6.54 
1/2 with support at the day low of $6.38.


   Soybeans are 7 to 15 cents higher with strong spread action and early profit 
taking turning to buying yet again. Meal is $2.50 to $3.50 higher and oil is 
0.45 cent to .55 cent higher. Option expiration will keep volatility in play. 
The cool weather should fade near term, allowing for better progress to be made 
near term. South American harvest will continue to wrap up in Brazil in the 
near term while shipping continues. China secured 132,000 metric tons of new 
crop as well. On the May soybean chart, support is $15.00 with resistance at 
the fresh high of $15.46.


   Wheat trade is 2 cents lower to 3 cents higher at midday with spring wheat 
leading as trade pauses to assess freeze issues along with row-crop direction 
being a bit more mild. More seasonal temps should return to wheat growing areas 
in the short term. The downtrend in the dollar is supportive for exports with 
trade giving back yesterday's rebound easily. KC has widened back to a 42-cent 
discount to Chicago with Minneapolis now 1 cent above Chicago. Weekly export 
sales were decent at 240,200 metric tons of old and 373,800 of new. KC May on 
the chart has support at the 50-day at $6.07, with resistance the fresh high 
scored at $6.70 3/4.

   David Fiala can be reached at 

   Follow him on Twitter @davidfiala

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