DTN Midday Grain Comments 04/03 11:06

DTN Midday Grain Comments 04/03 11:06 Grains Mixed at Midday Corn and winter wheat are firmer at midday, spring wheat and soybeans softer. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 85 points. The interest rate products are higher. The dollar index is 30 points higher. Energies are lower with crude down $0.40. Livestock trade is mostly higher. Precious metals are mixed with gold up 4.30. CORN Corn trade is 5 to 7 cents higher at midday with trade continuing to find some buying after the strong post report finish on Friday with wet weather for much of the belt in the near term. The ample stocks of corn will continue to hang over the market to limit rallies, while initial wet weather and the smaller than expected acre number will add support. The weekly export inspections were good at 1.475 million metric tons. Basis should remain steady to firm in the near term. On the May chart support is at the $3.52 late December low. Resistance is at the $3.67 100-day which we are above at midday then the $3.71 50-day moving average, which we are just below. SOYBEANS Soybean trade is flat to 3 cents lower at midday with early strength fading during the day session with stocks and acres outweighing some wet weather in Argentina during harvest. Meal is flat to $1 higher, and oil is 10 to 20 points higher. The weekly export inspections were ok at 620,575 metric tons. Basis should remain fairly steady in the near term with movement slowing for spring. The low Friday was 7 cents away from the $9.37 August May contract low; nearby resistance for Monday is the $9.73 10-day moving average. WHEAT Wheat trade is flat to 6 cents higher at midday with trade trying to build some support ahead of the weekly crop conditions today with the Chicago wheat leading. The rains look to slow for the hard red wheat belt by the end of the week with warmer weather coming. The spring wheat areas look fairly dry in the near term. The dollar firmed back above 100 last week, which has limited upside. The weekly export inspections were ok at 559,646 metric tons. On the May Kansas City contract support is at the daily low at $4.15 then the $4.11 1/2 contract low. Resistance is at the 10-day at $4.26. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.