DTN Midday Grain Comments 04/26 11:31

DTN Midday Grain Comments 04/26 11:31 Soybeans Higher at Midday Soybeans lead at midday in firmer trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures down 10 points. The interest rate products are weaker. The dollar index is 6 points higher. Energies are mixed with crude down 0.20. Livestock trade is mostly lower. Precious metals are mixed with gold up 4.70. CORN Corn trade is 3 cents higher with trade trying to consolidate recent strength into the weekend with spillover support into the weekend. Fieldwork should expand south of I-80 into the warming trend into the weekend with showers potentially returning at midweek. 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. Ethanol margins have narrowed with corn firming and ethanol futures slipping from the recent highs, fading back to $1.46. On the July chart we are above the 20-day at $3.92 which remains support, with the upper bolliger band at $4.02 resistance. SOYBEANS Soybean trade is 12 to 16 cents higher at midday with trade testing the lows and reversing sharply with strong support from meal demand this morning. Meal is $12 to $3 higher and oil is 35 to 45 points lower. 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 US on the daily wire again. However, meal demand could be forced back to the US with the Argentina meal shipping challenges, potentially adding support. Trade will be looking for signs of additional acres, with the weather challenges rolling acres over from wheat and corn but early soybean planting should be up with the average pace. On the July contract, trade has moved about the 20-day at $10.49, with resistance the upper Bollinger Band at $10.71. WHEAT Wheat trade is mixed with spring wheat 3 to 6 cents lower, and winter wheat 7 to 12 cents higher. The dollar rally will likely continue to limit upside, but it has faded through midday. Warmer conditions coming should help the crop maturity catch up from the slow start, while moisture mostly remains short, with follow up rains moved staying mostly to the east. Spring wheat growing areas look more open but have plenty of ground to cover to catch up. 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 $198-199. On the July Kansas City contract support is the 50-day at $5.15 support after we moved through it this yesterday, 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.