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DTN Midday Grain Comments     04/26 11:12

   Corn, Wheat Higher at Midday

   Trade is modestly higher at midday in slow trade.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are higher with the Dow futures 20 points 
higher. The interest rate products are mostly higher. The dollar index is 40 
points higher. Energies are mixed with crude up $0.20. Livestock trade is 
higher. Precious metals are mixed with gold down 2.50.  


   Corn trade is 1 to 2 cents higher at midday following the lead of the wheat 
market after early weakness.  The weather forecast is expected to bring heavy 
rains into the middle of the belt this week and colder than normal temperatures 
which should slow planting progress. The weekly ethanol report showed 
production down 0.6% on the week, stocks were 1.02% higher, and gasoline demand 
was 0.18% lower. Ethanol futures are a penny lower at midday which is limiting 
upside in corn. Corn basis has remained steady with a firm tone this week; 
producers continue to want to see higher prices. The July chart support is at 
the 10, 20, and 200-day moving averages at $3.69-$3.70, with resistance the 
50-day at $3.74. 


   Soybean trade is narrowly mixed at midday with trade continuing to grind 
around the nearby range established the last few trading days. Meal is $1 to $2 
lower and oil is 35 to 45 points higher. Wet weather moving forward should be 
viewed as negative for beans since it could add acreage coming forward with 
corn gaining sharply yesterday. South America should continue active 
post-harvest movement in the near term. Basis has remained fairly steady in the 
near term. July soybean chart support is the 20-day moving average at $9.60, 
with resistance the upper Bollinger band at $9.76 then the 50-day at $10.00. 


   Wheat trade is 3 to 7 cents higher at midday with Minneapolis wheat leading 
again at midday with cold temps slowing progress in the north. Further short 
covering could accelerate with another positive finish today. Heavy rains could 
raise disease concerns in much of the winter wheat belt with a cold snap for 
Kansas coming. The dollar is just above the 99 level on the index despite the 
overnight strength. On the July Kansas City contract support is at the new low 
at $4.15 with resistance at the $4.27 10-day which we have moved above at 
midday, with the 20-day at $4.31 area.  

David Fiala can be reached at dfiala@futuresone.com 
Follow him on Twitter @davidfiala


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