DTN Midday Grain Comments 04/06 11:15

DTN Midday Grain Comments 04/06 11:15 Wheat Leading Grains Higher at Midday Row crop trade is firmer at midday, while wheat is seeing some double-digit losses. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 75 points. The interest rate products are higher. The dollar index is narrowly mixed. Energies are firmer with crude up 1.60. Livestock trade is higher. Precious metals are mixed with gold up $6. CORN Corn trade is 1 cent higher at midday with light two sided trade seen so far on the day. The weekly ethanol report had production down 1.6%, with stocks down 3.5%, with ethanol futures firming slighty post report. Weather looks to be fairly open in the western corn belt so planting should begin to gain momentum soon, while the Eastern Belt will be slowed by the cooler and wetter pattern. The front-month spreads have firmed with the Goldman roll getting underway. On the May chart support is at the fresh low at $3.47 1/4 with the 10-day at $3.62 1/2 resistance. SOYBEANS Soybean trade is 2 to 4 cents higher at midday with bean oil leading trade back higher at midday. Meal is flat to $1 lower, and oil is 35 to 45 points higher boosting crush margins this morning. South American harvest should keep moving at a good clip making more supplies available on a crowded world market. U.S. exports in the coming year will be the larges question and usage item that can fluctuate. We have never seen a situation post-South American harvest with this large of a supply side world market. This should limit upside but we do still have a positive chart item in play, just not as good as we had a week ago. On the May soybean chart, we tested the 20 and 200-day moving aveages at $9.03 overnight with the 10-day at 9.10 immediate resistance. WHEAT Wheat trade is 5 to 11 cents lower at midday with the conditions report coming in solidly higher than last year's conditions encouraging selling to start the session. The Southern Plains look to see limited moisture in the near term, but conditions remain generally good for right now with the second half of April expected to be wetter. The dollar has seen two-sided trade so far today drifting back towards the lower end of the range. Weather needs to give us direction as we move forward this month. On the May chart, trade has faded back through the 50-day moving average at $4.71 overnight, with the $4.50 area the next level of support. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered trading adviser. David Fiala can be reached at dfiala@futuresone.com Follow David Fiala on Twitter @davidfiala (BAS) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.