DTN Midday Grain Comments 05/01 11:23

DTN Midday Grain Comments 05/01 11:23 All Grains Higher at Midday Wheat is the midday leader in sharply higher trade across the board which has pulled corn and beans to double-digit gains By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are narrowly mixed. The interest rate products are lower. The dollar index is 7 lower. Energies are lower with crude down $0.50. Livestock trade is mostly lower. Precious metals are mixed with gold down 3.40. CORN Corn trade is 10 to 11 cents higher at midday with support from the flooding and wet weather over the weekend plus spillover support from wheat. The weather forecast is more open for the western part of the belt with the east remaining wetter this week yet warmer temperatures returning. Ethanol margins are under pressure this morning with the firmer corn values with weaker energy values, with ethanol futures edging slightly higher. Corn basis is expected to remain steady in the near term. The weekly export inspections were 1.093 million metric tons. The weekly crop progress is expected to show planting in the 31-34%, with emergence running near 10%. The July chart support is the overnight gap at $3.69 with resistance the 50-day at $3.73. SOYBEANS Soybean trade is 12 to 16 cents higher at midday following the lead of the corn and wheat overnight along with continued solid demand. Meal is $4.50 to $5.50 higher, and oil is 15 to 25 points higher. Wet weather moving forward should be viewed as negative for beans since it could add acreage with the corn and wheat issues. Basis has remained fairly steady in the near term with trade rolling to the July as the May contract goes into delivery. Strong movement is expected to continue from South America in the near term. The weekly export inspections were ok at 521,218 metric tons. The weekly crop progress report is expected to show planting around 10% complete. July soybean chart support is 20-day and overnight gap at $9.58, with resistance the 50-day at 9.93. WHEAT Wheat trade is 9 to 26 cents higher at midday with kans trade leading after the winter storm hit the Western Plains over the weekend as the Kansas wheat quality tour begins. Weather looks to warm back up and drier out for much of the west in the near term, but that may only assist the tour in assessing the damage in the near term. World weather will become more of an issue with some concerning conditions in Europe and Russia. The dollar is just below the 99 level on the index. The weekly export inspections were 574,588 metric tons, with weekly crop progress close to steady on conditions as the storm won't likely be fully reflected until next week, with progress remaining ahead of normal, while spring wheat progress remains well behind normal. On the July Kansas City contract support is the overnight gap at $4.43, and resistance is the March high at $4.64, with the winter high at $4.98 the higher level. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.