DTN Midday Grain Comments 04/25 11:28

DTN Midday Grain Comments 04/25 11:28 All Grains Higher at Midday Trade is sharply higher in volatile trade at midday following a mixed overnight. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 105 points. The interest rate products are higher. The dollar index is 41 points lower. Energies are mixed with crude down 0.35. Livestock trade is mixed with cattle higher. Precious metals are higher with gold down $12.00. CORN Corn trade is 8 to 10 cents higher at midday with trade finding buying support in the day session when we found buying at support areas. Ethanol margins are a little tighter with ethanol futures flat to slight higher while corn rallies. The planting progress will slow down with rains moving across much of the Corn Belt and cooler temperatures which limited selling following the break late last week. The weekly progress is expected remain slightly above normal. South American weather looks to show a bit of improvement with wetter weather in Brazil easing dryness on some double crop corn. The weekly export inspections were strong at 1.136 million metric tons. Basis is expected to remain soft after the recent cash movement triggered weakness. On the July chart support is the 20-day at $3.72 with resistance at the $3.89 200-day. SOYBEANS Soybean trade is 22 to 28 cents higher at midday with buying returning during the middle of the morning as trade regains much of Friday's losses. Meal is $9 to $10 higher and bean oil is 10 to 20 points higher. Spread trade is fairly steady this morning. Basis has softened with the sharp rally shaking bushels loose with it expected to remain soft this week. The weekly export inspections remained soft at 279,310 metric tons. Some early soybeans have started to be planted in the southern areas, but planting progress is expected to remain slow with the wet weather. On the July soybean chart the 10-day moving average at $9.85 held as support, we are now with in 10-15 cents of the recent highs on most contracts, resistance on July is the $10.43 3/4 16-month high reached last week. Short covering is part of our strength and could give us a very active close this afternoon. WHEAT Wheat trade is 5 to 11 cents higher at midday across the three contracts with following the lead of the row crops this morning. Rains are expected in the winter wheat belt this week along with cooler temps slowing growth. Stripe rust has been noted through much of Kansas with the wet weather bringing it back, which could be a growing concern this week. The weekly export inspections were ok at 406,164 metric tons, with the conditions improving slightly along with maturity just behind normal. Feed wheat is getting more attractively priced on the world market. On the July Kansas City chart the 20 and 50-day moving average at $4.77-79 is resistance which we are testing at midday with recent lows support at $4.53. 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.