DTN Midday Grain Comments 04/30 11:55

DTN Midday Grain Comments 04/30 11:55 All Grains Higher at Midday Wheat leads at midday in firmer trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are firmer with the Dow futures up 120 points. The interest rate products are mixed. The dollar index is 30 points higher. Energies are mixed with crude up 0.10. Livestock trade is mostly lower. Precious metals are mixed with gold down 9.70. CORN Corn trade is 2 to 4 cents higher at midday with trade scoring a new high at $4.18 on the December contract with good buying to open the week. Significant planting progress should be made ahead of the midweek rains with warmer weather helping the early planted acres to emerge. The second crop areas of Brazil look to remain on the dry side in the near term as well, with should continue to add support. Ethanol margins have narrowed with corn firming and ethanol futures slipping from the recent highs, holding at $1.46. The weekly export inspections were decent at 1.465 million metric tons. Weekly crop progress is expected to show planting behind average, but the gap likely narrowed from last week. 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, which we are just below at midday. SOYBEANS Soybean trade is flat to 2 cents higher with trade struggling to hold the overnight gains again. Meal is $1 to $2 higher and traded through $400 overnight but has not held the area, and oil is flat to 10 points higher. 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. However, meal demand could be forced back to the US with the Argentina meal shipping challenges, potentially adding support. Weekly export inspections improved at 679,379 metric tons. Weekly crop progress is expected to show planting progress close to average. On the July contract, trade has moved above the 20-day at $10.49, with resistance the upper bolliger band at $10.72. WHEAT Wheat trade is 8 to 13 cents higher at midday with trade firming ahead of the start of the Kansas wheat quality tour this week with the western plains remaining on the dry side, and heavy rains to the east in spots. The dollar rally will likely continue to limit upside, but yields will be the focus this week. Warmer weather should help to boost maturity this week. 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 with a nearby warmer trend. Export offers out of the Black Sea area were $198-199. Weekly export inspections slipped to 376,256 metric tons. Weekly crop progress should show steady winter wheat conditions, and maturity behind pace, with spring wheat making better progress after the extremely slow start so far. 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 $5.46. 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.