DTN Midday Grain Comments 04/14 11:01

DTN Midday Grain Comments 04/14 11:01 Grains Mostly Lower at Midday Trade is mostly lower at midday in slow trade versus what we have seen at midday the past few days. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures up 25 points. The interest rate products are higher. The dollar index is 18 points higher. Energies are mixed with crude down 0.15. Livestock trade is mostly higher. Precious metals are lower with gold down $15. CORN Corn trade is 1 to 2 cents lower at midday with trade finding some light two-sided trade so far. Planting progress should continue to expand through the end of the week which should limit upside for now. The double crop area in Brazil is a bit on the dry side with pollentation starting, and Argentina is wet heading towards harvest which is lightly supportive weather items. Ethanol margins have been stable with ethanol and unleaded rallying along with corn this week. The weekly export sales were strong at 1.14 million metric tons. On the chart we moved above the $3.70 3/4 100-day which is nearby support with the 20-day at $3.64 below that. The $3.78 1/4 three-month high is restance than the 200-day at $3.87. With many shorts getting pulled into this market following the bearish acreage report two weeks ago, some short covering could still show up to give us an active trade this afternoon or on Friday. SOYBEANS Soybean trade is 2 to 5 cents lower at midday with trade setting back after the strong rally this week. Meal is flat to $1 lower and oil 10 to 20 points lower. Brazilian political issues continue to loom with harvest wrapping up that is also keeping sellers away at the best opportunites to sell since late summer. Basis has softened with increased farmer movement on the rally. The weekly export sales were OK at 455,900 metric tons, 196,800 metric tons of meal, and 2,100 of oil. On the May soybean chart, the 10-day at $9.23 then the 20-day at 9.15 are support. The $9.57 3/4 high Wednesday is now resistance than the $9.84 3/4 high printed in August. Let's look for the market action to get move volatile this afternoon. WHEAT Wheat trade is flat to 4 cents lower across the three contracts at midday in quiet trade following the lead of the row crops. Forecasts for much better rain over the next seven days especially in SW Kansas and Oklahoma will limit upside, with crops badly needing a drink. The dollar is holding its gains from yesterday. Russian wheat is in good shape coming into the growing season. The weekly export sales showed little improvement at 124,700 metric tons of old crop, 211,500 of new. On the May Kansas City chart the 10-day moving average at $4.60 is resistance with the new $4.42 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.