DTN Midday Grain Comments 04/26 11:30

DTN Midday Grain Comments 04/26 11:30 Grains Trading Higher at Midday Bulls are back in control at midday with beans seeing double-digit gains. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures up 10 points. The interest rate products are lower. The dollar index is 41 points lower. Energies are mixed with crude up 1.35. Livestock trade is mixed with cattle higher. Precious metals are higher with gold up $5. CORN Corn trade is 3 cents higher at midday with spillover support from beans and outside market support. The weekly progress number listed planting at 30%, 14% above the five-year average and last year's pace. Emergence was 5% vs. 2% a year ago, and 4% on average. South American weather looks to show a bit of improvement with wetter weather in Brazil easing dryness on some double crop corn. Weather here will keep planting slow in areas, but planting progress is off to a good start to the market sees US weather as neutral. The chart shake up seen this month is bringing in chart buyers on breaks which has supported trade yesterday up to midday today. On the July chart support is the 20-day at $3.73 with resistance at the $3.89 200-day; we challenged both of these major moving averages yesterday. The high this morning had us within 2 cents of resistance. SOYBEANS Soybean trade is the upside leader at midday with futures up 13 cents. Meal is up $3.50 and bean oil up 10-19 points. Outside markets are supportive with the dollar lower and crude higher. The first planting progress number Monday afternoon showed 3% of the soybean crop planted vs. 2% year ago, and 2% on average. It is still too early to be concerned about soybean plantings. The chart continues to hold the up trend with support found yesterday at the 10-day and highest major moving average. On the July soybean chart the 10-day moving average at $9.91 is support with resistance at the $10.43 3/4 16-month high reached last week. Short covering can still be an issue here, and keep the market exciting. Fundamental bears are beat up here with margin calls. WHEAT Wheat trade finished 1 to 5 cents higher at midday with spillover support from beans. The weak dollar is bringing in some buying as well. The bull argument continues to need improved export demand. The weekly export inspections were ok at 406,164 metric tons, but we need sales and inspections to start getting above 500,000 to get attention. The condition report showed the crop improving yesterday, there was a 2% increase to 59% good to excellent. Crop progress listed the winter wheat crop 26% headed vs. 25% last year, and 24% on average. Spring wheat is 42% planted vs. 50% a year ago, and 28% on average with 8% emerged same as average, and 1% better than last year. It was a very early year last year for spring wheat. The July Kansas City chart has resistance at the $4.76 1/2 20-day and support at the recent lows 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.