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DTN Midday Grain Comments     04/18 10:52

   Corn and Beans Lower, Wheat Higher at Midday Thursday

   Corn trade is 3-4 cents lower. Beans are 10-12 cents lower and wheat trade 
is 2-9 cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is firmer at midday Thursday with the S&P 30 points 
higher. The dollar index is up 7 points. The interest rate products are weaker. 
Energies are weaker with crude off .50 and natural gas off 2 cents. Livestock 
trade is mostly higher. Precious metals are firmer with gold up $8.


   Corn is 3-4 cents lower at midday with lightly firmer spread action as trade 
fades back to the lower end of the range at midday. Ethanol margins are seeing 
unleaded fade to pressure blenders with little change for producers short term. 
Basis should remain sideways until the end of the month. Near-term weather 
looks to slow planting progress a bit with cooler temps short term with some 
rains again this morning and more chances for moisture as it warms up the 
second week.

   The daily wire remained quiet with export sales rebounding a bit from last 
week to 501,200 metric tons old, and 65,000 of new. The second crop in Brazil 
should continue to develop without major immediate concerns with some excess 
moisture and disease concerns lingering in Argentina. On the May chart, the 
20-day at $4.33 is nearby resistance with our support of the lower Bollinger 
Band at $4.25.


   Soybeans are 10-12 cents lower at midday with product weakness helping to 
pull action back to fresh lows after some light strength Wednesday. Meal is 
$1.50 to $2.50 lower and oil is 30 to 40 points lower. Brazil harvest is 
winding down, with Argentina still battling a bit of short-term excess moisture 
as the South American export window continues to expand.

   The daily wire saw 138,000 metric tons of meal sold to Philippines with 
weekly sales edging up for beans at 485,800 metric tons old-crop, 263,200 for 
new with meal, oil soft with 129,800 of old meal and 1,000 of new with oil at 
100 metric tons. Planting progress should slow a bit with the cool-down short 
term. The May soybean futures have support at the $11.38 lower Bollinger Band 
which we are testing at midday. Chart resistance is at the 20-day moving 
average at $11.80.  


   Wheat trade is 2-9 cents higher with trade finding support again after the 
Wednesday pullback as we stay range-bound overall with Minneapolis trade 
leading. The Plains will see seasonal temperatures start to give way to a 
cooler stretch at the end of the week with overall moisture prospects better 
the second week for Kansas.

   The dollar is solidly off the upper end of the range after the late session 
pullback yesterday with MATIF wheat showing good action at midday. Weekly 
export sales were soft at -93,600 metric tons of new crop, and 222,000 of new. 
On the KC May chart, resistance is the 20-day at $5.82 that we are just below 
at midday, with the lower Bollinger band at $5.67 as support.

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

   Follow him on X, formerly Twitter, @davidfiala.

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