DTN Midday Grain Comments 04/28 11:12

DTN Midday Grain Comments 04/28 11:12 All Grains Higher at Midday Trade is higher across the board at midday after strong export sales. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed, with the Dow down 5. The interest rate products are mostly higher. The dollar index is 40 points lower. Energies are mixed with crude up .20. Livestock trade is mixed with cattle lower. Precious metals are higher with gold up $16. CORN Corn trade is 7 to 9 cents higher at midday with trade finding good buying after strong export sales. South American weather has shown some improvement, but dryness looks to return to Brazil in the extended forecast which could continue to stress the second corn crop. Cooler and wetter weather here will keep planting slow is areas in the near term, but overall progress remains ahead of pace and should stay that way. Ethanol margins remain fairly stable with blender margins improving. The weekly export sales were outstanding with 2.16 million metric tons of old crop, and 440,000 of new crops On the July chart support is the 20-day at $3.73 3/4 with trade moving through the 200-day moving average at $3.88 this morning. SOYBEANS Soybean trade is 12 to 15 cents higher with good buying returning at midday with support from better exports and weather concerns. Meal is $8.50 to $9.50 higher and oil is 20 to 30 points lower. Planting progress will remain slow in the U.S., but it is too early to be an issue. Argentina harvest should start to gain more momentum soon with flooding starting to recede. The weekly export sales were good at 226,000 metric tons of old crop, 720,400 of new, 209,600 metric tons of meal, and 9,600 of oil. 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 $10.05 is support with resistance at the $10.46 1/4 high put in this morning. WHEAT Wheat trade is 7 to 12 cents higher at midday with trade finding buying from the weaker dollar, spillover from row crop trade, and some export improvement. The bull argument continues to need improved export demand with world supplies still ample overall. The weekly export sales were strong at 351,900 metric tons of old crop, and 454,700 of new crop. Disease concerns will continue in some of the wetter areas. The cold weather in continental Europe will slow growth there, but Russia has seen good weather so far. The July Kansas City chart had resistance at the $4.76 3/4 20-day which we have popped through this morning 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.