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DTN Midday Grain Comments 05/01 10:51
Corn, Soybean Futures Lower at Midday; Wheat Mixed
Corn futures are 3 to 4 cents lower at midday Thursday; soybean futures are
3 to 4 cents lower; wheat futures are narrowly mixed.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 3 to 4 cents lower at midday Thursday; soybean futures are
3 to 4 cents lower; wheat futures are narrowly mixed. The U.S. stock market is
firmer with the S&P 75 points higher. The U.S. Dollar Index is 80 points
higher. The interest rate products are weaker. Energy trade is firmer with
crude .40 higher and natural gas .10 higher. Livestock trade is mostly lower.
Precious metals are weaker with gold down 95.00.
CORN:
Corn futures are 3 to 4 cents lower at midday with trade fading back to the
lower end of the range with softer spread action after early gains fizzled.
Ethanol margins are getting a little support from corn pulling back and
unleaded coming off the lows. Warmer weather into midmonth should keep planters
rolling ahead of the average pace with OK moisture coverage. Weekly export
sales remained solid at 1.014 million metric tons (mmt) old crop and 244,700
metric tons (mt) new crop. Basis should start to firm a little into May as
fieldwork picks up more. Double-crop weather in Brazil should continue to allow
for good crop development. On the July chart, the 20-day moving average at
$4.81 is resistance, which we tested overnight, with support the lower
Bollinger Band at $4.61.
SOYBEANS:
Soybean futures are 3 to 4 cents lower with meal weakness offsetting oil
turning higher with additional fresh news remaining limited. Meal is 3.00 to
4.00 lower and oil is 30 to 40 points higher. South America shows little
short-term change as remaining harvest heads toward the homestretch. Warmer
weather should boost emergence for early planted soybeans as planting progress
should remain solid short-term around the scattered rains. Weekly export sales
were slightly improved at 428,200 mt of old-crop; 50,000 mt of new-crop;
323,100 of meal; 8,200 of oil. Basis will likely remain sideways into the end
of the month. On the July chart, support is the 20-day moving average at
$10.39, with the Upper Bollinger Band at $10.79 the next round up.
WHEAT:
Wheat futures are narrowly mixed at midday with trade remaining oversold and
the firmer dollar limiting upside along with little other fresh news. The hard
red wheat areas are expected to see further showers to continue to promote crop
development short term. MATIF wheat is flat at the lower end of the range as
well. Weekly export sales were OK at 72,000 mt of old-crop and 238,800 mt of
new-crop. On the KC July chart, resistance is the 20-day moving average at
$5.61, 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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