DTN Midday Grain Comments 04/30 11:25

DTN Midday Grain Comments 04/30 11:25 All Grains Lower at Midday Soybeans and wheat wash to new lows with renewed selling pressure during the day session, dragging corn lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are weaker with the Dow 25 points lower. The interest rate products are weaker. The dollar index is 25 lower. Energies are firmer with crude up 0.35. Livestock trade is mixed. Precious metals are flat to higher with gold up 4.40. CORN Corn trade is 2 to 3 cents lower with early buying giving way to spillover selling yet again. July is now the front month with the May contract in delivery. The forecast significant rains are expected to fall the next few days for much of the belt with the first part of May above normal moisture wise for most likely slowing fieldwork again. Ethanol margins will get a boost if the rebound in the energy complex can be sustained with futures flat to slightly lower at midday. Basis has been broadly firmer at many end users with fieldwork being the biggest focus for producers and buyers moving to July bids. South American harvest should continue to move along toward completion with cheap export offers, especially from Argentina. The weekly crop progress showed 15% planted vs. 27% on average with 3% emerged vs. 5% on average. On the July nearby chart, support is the low at $3.51 1/2, with the 10-day at $3.62 nearby resistance which we failed to hold above this morning after testing it and then the 20-day at $3.65 1/2. SOYBEANS Soybean trade is 6 to 8 cents lower at midday with early buying giving way to heavy selling again and fresh lows during the day session as oversold conditions intensify. Meal is 0.50 to $1.50 lower and oil is 20 to 30 points lower. Crush margins are fading with July meal falling below $300 today. South American currencies remain cheap as soybean harvest winds down with the ral rebounding again this morning. The daily export wire has been quiet in recent days. Trade talk reports continue to be mixed. The weekly crop progress report showed planting at 3% vs. 5% on average. The July chart support is the fresh low at $8.53, with resistance the 10-day moving average at $8.78. Wheat Wheat trade is 1 to 9 cents lower with spring wheat showing the most support so far today, with Kansas City gains vs. the Chicago as well with wide discounts still in place. Europe and the Black Sea area will be watched more as their growing season keeps moving with mixed to good conditions so far and rain slated for Southern Russia. The U.S. high plains look wet for Oklahoma and Texas along with eastern Kansas, and the north likely to see some mixed progress with the forecast fluctuating. The dollar has pulled back from fresh highs but remains elevated. The winter wheat tour heads out into Kansas today with generally good potential seen so far. The weekly progress report showed 64% good to excellent, and 8% poor to very poor, up 2 percentage points on the week, with heading at 19% vs. 29% on average. Spring wheat was 13% planted vs. 33% on average. On the July Kansas City chart, support the fresh lows at $3.90 1/2, with the lower Bollinger Band at $3.97, and resistance the 10-day at $4.14. 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.