DTN Midday Grain Comments 04/18 11:08

DTN Midday Grain Comments 04/18 11:08 Grains Higher at Midday Trade is higher across the board at midday after early two-sided trade. 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 20 points lower. Energies are mixed with crude down 0.70. Livestock trade is mostly lower. Precious metals are mixed with gold up $1. CORN Corn trade is 3 to 6 cents higher at midday with buying returning during the day session amid broader market strength. Planting progress will slow down with rains moving across much of the Corn Belt this week, but above normal temperatures should get planters back in the field sooner rather than later. The weekly planting progress should be a little above the normal pace. South American weather looks to continue the recent pattern with second crop acres in Brazil warm and dry. Ethanol margins are under pressure with the energy complex weakness this morning along with strength in corn. The weekly export inspections remained solid at 1.088 million metric tons. Basis should be steady with reduced farmer movement, along with continued front month strength expected. Just over a month ago there was 20 cents carry, now it is less than a dime. On the chart we will call $3.75 nearby support, than the $3.70 1/4 100-day followed by the 20-day at $3.65. The $3.84 high seen this morning is nearby resistance then the 200-day at $3.87. SOYBEANS Soybean trade is 5 to 10 cents higher at midday with two sided trade giving way to strength with the impeachment proceedings going ahead in Brazil. Meal is flat to $1 higher and oil is 60 to 70 points higher. Argentina harvest looks to remain slow, while Brazil is in the wrapping-up phase of harvest. Basis has softened with increased farmer movement on the rally. The weekly export inspections were soft at 256,822 metric tons. Some early soybeans have started to be planted in the southern areas, but planting progress reports remain a couple weeks off. On the May soybean chart, the 10-day at $9.31 then the 20-day at 9.21 are support. The $9.64 high put in overnight is nearby resistance. WHEAT Wheat trade is 5 to 13 cents higher with the winter wheats showing the most strength with row crop strength spilling over. Rains fell across much of the Southern Plains, with very heavy amounts in some areas, and disappointing amounts in other. The next week looks a bit more open with warmer than normal tempratures returning. The rains should have been baked into the market with last week's action, with the strength this morning indiciating that was the case. European growth will be slowed with unseasonably cold temperatures. Crop conditions may decline a bit more with the rain not falling until the weekend. Export inspections remained soft at 456,924 metric tons. On the May Kansas City chart the 10-day moving average at $4.56 is resistance which we have edged just above this morning then the 20-day at $4.66 which we are testing at midday with the new $4.42 1/4 contract low seen this week 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.