DTN Midday Grain Comments 04/25 11:54

DTN Midday Grain Comments 04/25 11:54 All Grains Higher at Midday Wheat is the leader at midday with higher trade across the board. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures down. The interest rate products are higher. The dollar index is 40 higher. Energies are mixed with crude flat. Livestock trade is mixed. Precious metals are firmer with gold up 7.50. CORN Corn trade is 4 to 5 cents higher at midday with trade continuing to find buying after the positive finish yesterday. Fieldwork should expand in some areas this week with drier pockets to the east and south with warmer temps expected to wait until next week, with delays expected to persist in Iowa/Minnesota area. The second-crop areas of Brazil look to remain on the dry side in the near term as well, with some potential improvement in the extended forecast as we get deeper in their growing season. Weekly ethanol production was down 20,000 barrels a day as spring maintenance continues with stocks up 357,000 barrels. The export wire has been quiet in recent days. On the July chart we are just above the 20-day at $3.92 which becomes support, with the upper bolliger band at $4.02 resistance. SOYBEANS Soybean trade is 5 to 8 cents higher at midday with stronger meal values boosting trade during the day session. Meal is $5 to $6 higher and oil is 15 to 25 points lower, with meal rallying on dock damage in Argentina. The recent pattern in South America should remain intact near term allowing for greater progress in Brazil harvesting, with the stronger dollar and cheaper real encouraging sales and export business, with nothing for the U.S. on the daily wire again today. Trade will be looking for signs of additional acres, with the weather challenges rolling acres over from wheat and corn. On the July contract, trade has slipped below the 50-day at $10.51, with the 100-day at $10.25 as the next level of support. WHEAT Wheat trade is 6 to 12 cents higher with weather concerns pushing trade despite the stronger dollar. Warmer conditions coming should help the crop maturity catch up with the cool recent temps putting the crop behind, while moisture mostly remains short. Spring wheat-growing areas look more open but have plenty of ground to cover. The Black Sea area will continue to dominate export trade with spring weather not triggering any major excitement thus far. Export offers out of the Black Sea area were $198 a ton on the tenders today. On the July Kansas City contract support is the 50-day at $5.15 support after we moved through it this morning, with resistance the upper Bollinger band at $5.45. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (BAS) Copyright 2018 DTN/The Progressive Farmer. All rights reserved.