DTN Midday Grain Comments 04/27 11:29

DTN Midday Grain Comments 04/27 11:29 Grains Mixed at Midday Wheat is firmer at midday with row crops mixed. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures 20 points lower. The interest rate products are mostly higher. The dollar index is 19 points higher. Energies are weaker with crude down $1.20. Livestock trade is higher. Precious metals are mixed with gold up 2.00. CORN Corn trade is narrowly mixed at midday with trade waiting until the noon forecast to get more excited. The weather forecast is expected to bring heavy rains into the middle of the belt this week in the near term with the extended forecast more mixed with significant GFS and Euro model disagreement overnight. Ethanol margins are tighter with the setback in energies this morning. Corn basis has remained steady with a firm tone this week; producers continue to want to see higher prices. The weekly export sales were good at 987,000 metric tons of old crop, and 11,100 of new. The July chart support is the recent low at $3.61 with resistance clustered at $3.69. SOYBEANS Soybean trade is narrowly mixed at midday with trade trying to find better footing after the selling yesterday with the weaker Brazilian real encouraging broader farmer selling. Meal is flat to $1 higher and oil is 5 to 15 points lower. Wet weather moving forward should be viewed as negative for beans since it could add acreage coming forward with corn gaining this week. Basis has remained fairly steady in the near term. The weekly export sales were good at 808,100 metric tons of old crop, 72,300 of new, 112,000 of meal, and -2,000 of oil. July soybean chart support is recent low at $9.49, with resistance the 20-day at $9.58. WHEAT Wheat trade is flat to 5 cents higher across the three contracts at midday with Kansas City and Minneapolis wheat leading. Further short covering could accelerate with another positive finish today if the weather continues to be threatening with cold air pushing south with parts of Kansas hitting the mid-20's overnight. Heavy rains could raise disease concerns in much of the winter wheat belt with a cold weather through the weekend. The dollar is just above the 99 level on the index. The weekly export sales were soft at 61,700 metric tons of old crop, and 305,400 of new. On the July Kansas City contract support is at the new low at $4.15 with resistance at the $4.25 10-day which we have moved above overnight, with the 20-day at $4.30 area. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.