DTN Midday Grain Comments 04/25 11:40

DTN Midday Grain Comments 04/25 11:40 Wheat, Corn Higher at Midday Corn and wheat lead at midday with soybeans setting back. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow 225 points higher. The interest rate products are higher. The dollar index is 30 points lower. Energies are lower with crude down $0.13. Livestock trade is mostly higher. Precious metals are mixed with gold down 8.50. CORN Corn trade is 5 to 7 cents higher at midday with short covering developing after overnight weakness. The weather forecast is expected to bring heavy rains into the middle of the belt this week and colder than normal temperatures but better progress was made last week. The weekly progress report had corn planting at 17% complete versus the 18% five-year average. Emergence was at 4% in line with the four-year average. The current forecast should add near term support. Basis has remained steady to firmer to start the week. On the May chart support is at the $3.54 three-month low with resistance at the $3.62 20- and 200-day moving averages, which we are above at midday with the next level of resistance at the 50-day at $3.67. SOYBEANS Soybean trade is 4 to 7 cents lower at midday with spread trade vs. corn unwinding and little fresh news. Meal is flat to $1 lower and oil is 25 to 35 points lower. Planting progress was at 6% versus the 3% average. Wet weather moving forward should be viewed as negative for beans since it could add acreage coming forward, especially with the favorable spread trade vs. corn recently. May soybean chart support is the 20-day moving average at $9.50; with the multi-month low at $9.29 below that, with resistance the upper Bollinger band at $9.69 then the 50-day at $9.92. WHEAT Wheat trade is 3 to 9 cents higher at midday with short covering picking up with the cold weather forecasted and the weaker dollar helping to provide the necessary encouragement. Wheat open interest hit a new record which should induce more short covering if positive chart finishes can be mounted. Parts of Kansas got fairly cold over the weekend but damage should be limited with heavy rains for much of the belt this week but another cold snap coming. The Dakotas look like better progress could be made this week with only light rains expected. The winter wheat condition report remained at 54% good to excellent but 1% moved to excellent from good. Winter wheat was listed at 32% heading versus the 23% five-year average. Spring wheat planting was listed at 22% complete versus the 34% five-year average. On the May Kansas City contract support is at the new low at $3.98 3/4 with resistance at the $4.18 20-day moving average. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.