DTN Midday Grain Comments 04/13 11:20

DTN Midday Grain Comments 04/13 11:20 Corn, Soybeans Higher at Midday Soybeans lead trade at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow 6 points. The interest rate products are lower. The dollar index is 35 points lower. Energies are mixed with crude down $0.05. Livestock trade is mixed with cattle firmer. Precious metals are higher with gold up 8.60. CORN Corn is 1 to 3 cents higher at midday with trade putting in a new high for the move at $3.73 nearby. Ethanol margins have improved even with the corn bounce which should support grind and basis with futures edging higher this morning. The center of the belt looks wet, which should slow planting and fieldwork activity, which is helping to add support to corn trade. The weekly export sales were a bit softer at 738,000 metric tons old crop, and 50,000 new crop. On the May chart support is the 10-day and 20-day at $3.62. Resistance is at the $3.69 1/2 50-day which have edged above overnight and highest major moving average then the $3.73 new high made today. SOYBEANS Soybean trade is 6 to 12 cents higher at midday with short covering continuing along with delays in Argentina. Meal is $5 to $6 higher and oil is flat to 10 points higher. Argentina harvest will likely continue to struggle with wet conditions, but some relief is on the way. Crush margins have shown some midweek improvement but remain soft overall, while planting season continues to help narrow basis. The weekly export sales were good seasonally at 402,300 metric tons of old crop, and 124,700 of new, with 158,700 metric tons of old crop meal, 79,500 of new crop meal, and 18,600 of oil. Support on May beans is at the $9.43 10-day then the $9.29 one-year low printed Tuesday. Resistance is at the $9.64 20-day moving average. WHEAT Wheat trade is 2 lower to 4 cents higher at midday with the Minneapolis wheat leading so far. The spring wheat areas have some near-term moisture coverage, but are mixed overall, with the west remaining drier for the winter wheat, although the overnight run showed some improved coverage. Warm weather will encourage growth with some areas two weeks ahead of normal. The dollar set back should add support, but we remain in the upper end of the range. The weekly export sales were OK at 421,600 metric tons of old crop wheat, and 125,300 of new crop. On the May Kansas City contract support is now the 20-day $4.27 with the 10-day below that at $4.24, with resistance becoming the 200-day at $4.47, and the 50-day at $4.49 above that. 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.