DTN Midday Grain Comments     04/01 10:51

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
17 to 18 cents higher; wheat futures are 4 to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
17 to 18 cents higher; wheat futures are 4 to 5 cents higher. The U.S. stock 
market is firmer with the S&P 16 points higher. The U.S. Dollar Index is 9 
points lower. The interest rate products are firmer. Energy trade is mixed with 
crude .20 higher with natural gas off .09. Livestock trade is firmer with hogs 
leading. Precious metals are firmer with gold up 10.00.

CORN:

   Corn futures are 4 to 5 cents higher at midday with mixed spread action and 
solid buying as we digest the report and test nearby resistance. Ethanol 
benders are seeing slow gains in margins as spring demand picks up. On Monday's 
USDA report, stocks came in at 8.151 billion bushels (bb), as expected, versus 
8.352 bb last year and acres were 95.326 million versus 94.361 million expected 
and 90.594 million last year. Basis is expected to keep a sideways-to-firmer 
trend into April with spring fieldwork to pick up. Weather looks be OK to a 
little dry for early double-crop development in Brazil. On the May chart, the 
20-day moving average at $4.60 is resistance, which we have edged above at 
midday, with the fresh low at $4.42 as support.

SOYBEANS:

   Soybean futures are 17 to 18 cents higher at midday with buying picking up 
and soyoil making another surge higher on biodiesel optimism and better world 
veg oil prices. Meal is flat to 1.00 higher and oil is 200 to 210 points 
higher. On Monday's USDA report, stocks were 1.910 bb versus 1.901 bb expected 
and 1.845 bb last year, and acres at 83.495 million versus 83.762 million 
expected and 87.050 million last year. South America weather looks to remains 
cooperative for the finish to the growing season as harvest moves forward. 
Basis is expected to firm some into early fieldwork season. On the May chart, 
trade has support at the 20-day moving average at $10.12, which we moved above 
last week, with the Upper Bollinger Band the next level up at $10.27, which we 
are just above at midday.

WHEAT:

   Wheat futures are 4 to 5 cents higher at midday with light follow-through 
buying after trade firmed from the lows after Monday's report with the 
lighter-than-expected acre number. The second week forecast looks warmer and 
drier for much of the wheat growing areas with some coverage expected for much 
of the Plains this week. MATIF wheat is edging higher as well with Black Sea 
cash values ticking higher. On the report, stocks were 1.237 bb versus 1.215 bb 
expected versus 1.089 bb last year, and acres at 45.350 million versus 46.475 
million expected and 46.079 million last year. On the KC May chart, resistance 
is the 20-day moving average at $5.75, with the next level of support the Lower 
Bollinger Band at $5.44.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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