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DTN Midday Grain Comments     04/23 10:48

   Corn, Soybean, Wheat Trading  Higher by Midday Tuesday

   Corn trade is flat to a penny higher. Beans are 1-2 cents higher and wheat 
trade is 2-4 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is firmer at midday with the S&P 55 points higher. The 
dollar index is off 35 points. The interest rate products are firmer. Energies 
are mixed with crude up .90 cent and natural gas off 1 cent. Livestock trade is 
mostly higher. Precious metals are mixed with gold off $12.


   Corn is flat to a penny higher at midday with trade working to consolidate 
recent gains with mixed spread action with fresh bullish news still in limited 
overall supply. Ethanol margins should have narrowed a bit with the corn 
rebound and unleaded gains boosting blenders a bit today after early week 

   Near-term weather looks to be warmer and wetter for much of the belt which 
should keep planting moving along ahead of the five-year average with the 
report showing us at 12% vs. 10% on average and 3% emerged vs. 2% on average 

   The daily wire was quiet again today. The second crop in Brazil sees some 
areas of dryness but overall major concerns are limited while Argentina dries 
out a bit to help with the recent excess moisture. On the May chart, the 20-day 
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 are 1-2 cents lower at midday with trade working to build on the 
recent rebound with product gains slowing for meal and oil. Meal is .50 cent to 
$1.50 lower and oil is 5-15 points higher. Brazil harvest should be just about 
wrapped up, with Argentina bushels coming soon as the South American export 
season expands into late spring.

   The daily wire was quiet again today. Planting progress should expand in the 
drier areas with the warm-up, showing 8% vs. 4% on average on the report 
yesterday. May soybean futures have support at the $11.28 recent low. Chart 
resistance is at the 20-day moving average at $11.71 which we were just short 
of overnight.  


   Wheat trade is 2-4 cents higher with trade finding light buying so far. 
Trade looks to hold the Monday surge to the top of the range with condition 
declines and mixed outside market direction. The Plains will see seasonal to 
above temps to push the crop along with better overall rain chances the next 
two weeks to support development with the weekly progress report showing 17% 
headed vs. 13% on average and good to excellent falling 5% to 50% and poor to 
very poor rising 3% to 16% while spring wheat is 15% planted vs. 10% on average 
and emergence is at 2% vs. 3% on average.

   The dollar continues to work a bit short of the highs with MATIF wheat 
fading back from the fresh highs scored yesterday. On the KC May chart, support 
is the 20-day at $5.82, with the fresh high at $6.10 as further resistance.

   David Fiala can be reached at 

   Follow him on social platform X @davidfiala.

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