DTN Midday Grain Comments 04/13 11:00

DTN Midday Grain Comments 04/13 11:00 All Grains Lower at Midday Corn is 2 to 3 cents lower, soybeans are 9 to 11 cents lower, and wheat is flat to 6 cents lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is weaker with the Dow down 500 points as active trade continues. The dollar index is 6 points higher. Interest rate products are weaker. Energies are firmer with crude $0.50 higher. Livestock trade is sharply lower. Precious metals are firmer with gold up $3.00. CORN Corn trade is 2 to 3 cents lower at midday with more attention turning towards planting in the near term, with little other fresh news. Ethanol margins remain very poor, with more normal demand needed to bolster values even with the energy deal announced over the weekend to cut oil production. Corn basis will likely remain sideways for now with much of the slowdowns priced in at this point. Planting progress will slow to start the week, with the first reports likely close to normal for progress. Weekly export inspections remained solid at 1.03 million metric tons. On the May contract support is the lower Bollinger Band at $3.24, and resistance the 20-day at $3.39. SOYBEANS Soybean trade is 9 to 12 cents lower with early gains fading with a lack of fresh bullish news to sustain gains. Meal is $3.00 to $4.00 lower and oil is 45 to 55 points lower. South America continues to head towards a dry finish to the year with harvest moving forward, and a focus on shipping and currencies remaining in place. Corn is holding vs. soybeans for new crop overnight, with soybeans remaining reluctant to buy acres. Weekly export inspections remain fairly soft at 442,024 metric tons. The May soybean chart support is the gap at $8.41, with resistance the 20-day at $8.61, which we tested above and failed to hold. WHEAT Wheat trade is flat to 6 cents lower with early gains on cold weather fading even as Kansas City remains our midday leader. Russia remains dry short term, and the U.S. dollar is flat, which should add support as well. Kansas City is at a 63-cent discount to Chicago on the May with the recent narrower trade continuing, while Minneapolis is minus 27 with wider action today. Weekly export inspections were good at 608,709 metric tons, along with 285,000 metric tons of recently announced sales, with weekly conditions expected to show no major surprises on a national level today. The May Kansas City chart support is the 20-day at $4.75, with resistance the $5.00 area, which we tested overnight before it failed. 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 (AG) Copyright 2020 DTN/The Progressive Farmer. All rights reserved.