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DTN Midday Grain Comments     04/09 10:56

   Beans, Wheat Higher at Midday

   Corn is narrowly mixed, soybeans are 9 to 11 cents higher, and wheat is 2 to 
10 cents higher. 

By David Fiala
DTN Contributing Analyst

 General Comments

   

   

   Corn is narrowly mixed, soybeans are 9 to 11 cents higher, and wheat is 2 to 
10 cents higher. 

   The U.S. stock market is firmer with the Dow up 370 points as active trade 
continues. The dollar index is 70 points lower. Interest rate products are 
mostly higher. Energies are mixed with crude $0.80 higher. Livestock trade is 
mixed with cattle higher, and hogs lower. Precious metals are firmer with gold 
up $50.00.

   CORN

   Corn trade is mixed at midday with light short covering ahead of the report, 
with China raising expectations of imports overnight, otherwise bullish news 
remains lacking. Ethanol margins remain very poor, with trade still trying to 
find an appropriate short-term level of production with unleaded and ethanol 
futures slightly firmer today. Corn basis will likely remain sideways for now 
with much of the slowdowns priced in at this point. Warmer weather will aid 
early-week progress before declining into next week. On the report tomorrow, 
carryout is expected to rise to 2.035 billion from 1.892 last month. Weekly 
export sales were a marketing year high at 1.85 million metric tons of old 
crop, and new crop at 608,800 metric tons, along with 373,800 of milo. On the 
May contract support is the lower Bollinger band at $3.22, and resistance the 
20-day at $3.41.

   SOYBEANS

   Soybean trade is 9 to 12 cents higher as it tries to escape the range it's 
been stuck in all week ahead of the report with front month leading. Meal is 
1.00 to 2.00 higher, and oil 25 to 35 points higher. South America is 
continuing to harvest with port disruptions this biggest concern, with weak 
currencies elevating local profitability. Corn is holding vs. soybeans for new 
crop overnight, with soybeans remaining reluctant to buy acres with some 
progress at midday. On the report, carryout is expected to be 430 million 
bushels, basically unchanged. Weekly export sales were mixed at 523,500 metric 
tons of old crop, 353,400 of new, 193,000 of meal, and 25,100 of oil. The May 
soybean chart support is the gap at $8.41, with resistance the 20-day at $8.60, 
which we are just above at midday.

   WHEAT

   Wheat trade is 3 to 12 cents higher with trade continuing to consolidate 
through the middle of the recent range in pre-report action. There has been 
talk of new Middle East import tenders short term, with Russia still refining 
export and transport protocols with one cargo going to Saudi Arabia as an oil 
deal olive branch, amid a dry start to the spring, while Ukraine looks to see 
better rains. Kansas City is at a 66-cent discount to Chicago on the May with 
choppy trade continuing, while Minneapolis is minus 24 with wider action today. 
On the report, carryout is expected to remain unchanged at 940 million bushels. 
Weekly export sales were better on the week at 258,600 metric tons of old crop, 
and 117,400 of new. The May Kansas City chart support is the 20-day at $4.71, 
with resistance the $5.00 area.

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered adviser. 
He can be reached at dfiala@futuresone.com 
Follow him on Twitter @davidfiala


(AG)

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