DTN Midday Grain Comments 04/29 11:03

DTN Midday Grain Comments 04/29 11:03 Grains Mixed at Midday Corn trade is the midday leader with soybeans and wheat lagging. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow 25 points higher. The interest rate products are weaker. The dollar index is 25 lower. Energies are weaker with crude down 2.25. Livestock trade is mixed in volatile trade. Precious metals are firmer with gold up 9.40. CORN Corn trade is 4 to 5 cents higher at midday with profit taking vs. recent shorts as we look to see if low has been scored after a reversal and positive trade yesterday. The short fund position has likely been reduced slightly the last few days with a record number expected on the CFTC report. The forecast significant rains are expected to fall the next few days for much of the Belt slowing the good progress scored this week. Ethanol margins remain stable with ethanol futures up a couple cents this a.m. along with the corn, while the blender margins have narrowed on the crude set back. Basis has been broadly firmer at many end-users with fieldwork being the biggest focus for producers. South American harvest should continue to move along toward completion with cheap export offers, especially from Argentina. On the July nearby chart support is the low at $3.51 1/2, with the 10-day at $3.64 nearby resistance, and then the 20-day at $3.67. SOYBEANS Soybean trade is 2 to 3 cents lower at midday with trade still struggling to extend the rebound from yesterday. Meal is $0.50 to $1.50 lower, and oil is 25 to 35 points lower. Crush margins have faded but remain solidly positive with meal still holding the $300 level. South American currencies remain cheap as soybean harvest winds down with the real rebounding solidly the last couple of days, and the IMF intervening to freeze the Argentina peso amid the sharp drop there. The daily export wire has been quiet in recent days along with no trade news ahead of next week's negotiations. On the July chart, support is the fresh low at $8.67, with resistance the 10-day moving average at $8.89. WHEAT Wheat trade is flat to 2 cents higher at midday with light buying after the positive finish yesterday with trade watching closely to see if fund selling resumes before the close today. Europe and the Black Sea area will be watched more as their growing season keeps moving with better rains for the southern areas near term, and spring wheat seeding going in Russia in mixed conditions. The U.S. high Plains look wet for Oklahoma and Texas along with eastern Kansas, and the north more open for progress in the next few days. Canada is expected to see a larger planted area of spring wheat this year as well. The dollar has pulled back from fresh highs but remains elevated. The world export market has been quieter this week as well with export tenders going to a mix of origins. On the July Kansas City chart, support the fresh lows at $4.07 1/2, with the lower Bollinger Band at $4.11, and resistance the 10-day at $4.22. 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 2019 DTN/The Progressive Farmer. All rights reserved.