DTN Midday Grain Comments 04/07 12:27

DTN Midday Grain Comments 04/07 12:27 Grains Mixed at Midday Trade is mixed at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are flat to lower with the Dow futures down 15 points. The interest rate products are mixed. The dollar index is 25 points higher. Energies are higher with crude up $0.30. Livestock trade is mixed with cattle higher and hogs lower. Precious metals are mixed with gold up 13.60. CORN Corn trade is 1 to 3 cents lower at midday with trade testing the lower end of the range this morning. Ethanol margins are have narrowed this week, helping to weigh on corn. Basis should remain steady to firm going into the weekend with pressure from the weaker futures. Weather should allow for field work which has worked against the bull argument the past few sessions with the next major system still a wee-plus out. On the May chart support is at the $3.52 late December low with the morning low at 357 1/4. Resistance is at the $3.67 100-day moving average. SOYBEANS Soybean trade is flat to 3 cents higher at midday with trade finding a light bounce off the lower end of the range. Meal is flat to $1 lower and oil is 20 to 30 higher. Trade is fairly heavily oversold so bounces should be seen as well as some days where long liquidation could take us to new lows. Argentina looks to continue to the slow early harvest with yields running slightly behind last year's pace early on. The soybean spreads have gained on corn the last part of the week as acre changes likely remain limited. Support is at the $9.48 3/4 six-month low printed on Monday, then $9.40 which is the lower Bollinger Band, resistance is at the $9.52 10-day then the $9.74 20-day moving average. WHEAT Wheat trade is narrowly mixed at midday with trade looking to chop around the lower end of the range with limited direction from outside markets this morning. Oklahoma and Texas look wetter in the near term with Kansas seeing more limited rains with another system in the second week forecast. Warmer weather should support growth in the near term so weather appears to be a neutral to negative market influence today. The spring wheat areas look fairly dry in the near term with the longer-term forecast looking for normal to above normal moisture as planting starts with South Dakota expected to see rain first. On the May Kansas City contract support is at $4.15 then the $4.11 1/2 contract low. Resistance is at the 20-day at $4.32. 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.