DTN Midday Grain Comments 04/19 11:37

DTN Midday Grain Comments 04/19 11:37 Grains Mostly Unchanged at Midday Trade fades back to unchanged after early strength. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow 15 points lower. The interest rate products are lower. The dollar index is 30 points higher. Energies are lower with crude down $0.20. Livestock trade is mostly lower. Precious metals are mixed with gold down 11.30. CORN Corn trade is narrowly mixed at midday in quiet trade with trade trying to consolidate the lower end of the range after the early-week break and early-day strength fading. Also a more open forecast in some areas is expected to allow good planting progress in the week ahead with parts of Iowa and Illinois looking more open on the overnight run. Ethanol margins should remain stable with the weekly report showing production 0.73% higher on the week, with stocks 0.57% higher, and gasoline demand down 0.6%. Our good demand helps provide good support in the low end of our range as does concerns over planted acreage with basis mostly steady so far this week. On the May chart support is the 20-day at $3.62 which we are right around at midday, after we failed to hold the 100-day at $3.66 which becomes resistance. SOYBEANS Soybean trade is 3 to 6 cents higher at midday with trade trying to firm back from the early week struggles here with harvest pressure continuing to wane from South America. Meal is $1 to $2 lower and oil is 25 to 35 points higher. South American harvest is on the back stretch, and trade may look to discourage US soybean acreage with the slow pace of corn planting early on with the spreads widening out through midweek. Crush margins have slipped this week, but processor basis has generally remained fairly steady. Support is the 10-day moving average at $9.46, with the multi-month low at $9.29 below that, with resistance the 20-day at $9.56 above that. WHEAT Wheat trade is flat to 2 cents higher with trade trying to find support again after the recent long liquidation on the winter wheat, and planting delay concerns in the spring wheat. The cold threat looks to be fading for this weekend with moisture remaining OK for most of the winter wheat belt. The Dakotas look wet enough to keep planting slow for now. The Black Sea area is showing some near term dryness, but concerns remain limited. The dollar index has firmed a bit overnight but remains below 100 for now. On the May Kansas City contract support is at the $4.14 four-month low with resistance at the $4.23 20-day moving average. 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.