DTN Midday Grain Comments 04/27 11:20

DTN Midday Grain Comments 04/27 11:20 All Grains Trading Lower at Midday Trade is lower across the board at midday but downside momentum has stalled. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices have been mixed, and are lower at midday with the Dow futures down 20 points. The interest rate products are lower. The dollar index is 10 points lower. Energies are mixed with crude up .20. Livestock trade is mixed with cattle lower. Precious metals are mixed with gold up $7. CORN Corn trade is 4 to 5 cents lower at midday with spillover pressure from beans and limited fresh friendly news. South American weather has shown some improvement, but dryness looks to return to Brazil in the extended forecast. Weather here will keep planting slow is areas in the near term, but overall progress remains ahead of pace and should stay that way. The weekly ethanol report showed production 1.3% lower, falling to the lowest levels since Mid-May 2015, while stocks were 1.9% lower, which has helped ethanol futures edge higher at midday. On the July chart support is the 20-day at $3.73 3/4 with resistance at the $3.88 200-day which we did test earlier. SOYBEANS Soybean trade is 4 to 8 cents lower at midday; trade remains active with July futures seeing a 19 cent trading range. Meal is fractionally higher and bean oil is 65 points lower which is pulling on beans. Planting progress will remain slow in the U.S. A, but it is too early to be an issues. The USDA announced 350,000 metric tons of old crop, and 43,000 of new crop sold to unknown destinations. The chart continues to hold the up trend with support found on Monday at the 10-day and highest major moving average. Chart buying is one of the main items noted supporting trade this week. On the July soybean chart the 10-day moving average at $9.98 is support with resistance at the $10.43 3/4 16-month high reached last week. WHEAT Wheat trade is 2 to 6 cents lower at midday with trade following the row crops lower. The weak dollar is supportive, but it is not weak enough to encourage buying. The bull argument continues to need improved export demand with world supplies still ample overall. Rains moved across Kansas again, boosting moisture but potentially enchanging disease concerns with moisture bordering on excessive in some areas. The cold weather in continental Europe will slow growth there, but Russia has seen good weather so far. The July Kansas City chart has resistance at the $4.76 3/4 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.