DTN Midday Grain Comments 04/11 11:13

DTN Midday Grain Comments 04/11 11:13 Grains Trading Mixed at Midday Beans are higher at midday while wheat and corn are lower with wheat making new lows. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the DOW futures up 50 points. The interest rate products are mostly higher. The dollar index is 40 points lower. Energies are higher with crude up .70. Livestock trade is mostly lower. Precious metals are higher with gold up $14. CORN Corn trade is 6 to 7 cents lower at midday with trade seeing renewed selling with an open forecast for much of the corn belt this week and softer wheat trade, along with expectations for little change on the carryouts on the monthly WASDE report tomorrow. On the report, carryout is expected to be 1.847 billion bushels, with a 1.787 to 1.947 range, and last month at 1.837. World numbers are expected to be at 207.8 million metric tons with at 206-212 range vs. 207 last month. Ethanol margins are stable this morning with cheaper corn offsetting weaker ethanol futures, while unleaded moves higher. The planting progress will be on the weekly report this afternoon, it should be around normal to slightly behind normal, with planting pace likely to accelerate this week. The weekly export inspections where strong at 1.21 million metric tons. Chart support remains at the $3.47 1/4 contract low printed last week, with nearby resistance at the $3.64 1/2 20-day moving average. SOYBEANS Soybean trade is 8 to 11 cents higher at midday with a new high for the move put in this morning at $9.28 which we are just below at midday. Meal is $4 to $5 higher, and oil is 10 to 20 points higher. The Brazilian government did reduce crop size expectations to 99 million metric tons, versus 101.2 million tons a month ago. The USDA March report listed it at 100 million tons. The average trade guess for the April WASDE report, due out on Tuesday, is 100.2 with a range of 99.5-101. Domestic carryout is expected to be 456 million bushels, with a 415-486 range, vs. 460 last month. Private sources have started to congregate in the range of 97 million to 99 million metric tons. Late-harvest yields have been running lighter, and impeachment proceedings are continuing to progress. The Argentine production is expected to come in at 59.3 million tons versus the USDA 58.5 last month. The weekly export inspections were OK seasonally at 386,768 metric tons. On the May soybean chart, the 10-day at $9.11 then the 20- and 200-day moving averages at $9.03-5 are support. The $9.28 high is now resistance. WHEAT Wheat trade gapped lower overnight with trade 9 to 15 cents lower across the three contracts at midday with much better rains expected over the next seven days with some showers in SW Kansas and Oklahoma this morning. The dollar remains in the lower end of the recent range but export chatter is limited. The weekly conditions report is expected to show a slight decline from last week, and spring wheat planting should be close to normal. On the WASDE report wheat carryout at is expected to be at 979 million bushels with a range of 955 million bushels to 1,007 million bushel vs. 966 millions bushels last month, while world stocks are expected to be 237 million metric tons, with a range of 232-238.5 million metric tons. The weekly export inspections remained soft at 339,266 metric tons. On the May Kansas City chart the 50-day moving average at $4.70 is resistance with the new $4.44 1/4 contract low notable 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.