DTN Midday Grain Comments 04/14 11:09

DTN Midday Grain Comments 04/14 11:09 All Grains Lower at Midday Corn is 2 to 3 cents lower, soybeans are 5 to 6 cents lower, and wheat is 5 to 11 cents lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer with the Dow up 400 points as active trade continues. The dollar index is 34 points lower. Interest rate products are mostly higher. Energies are weaker with crude 1.30 lower. Livestock trade is mostly higher. Precious metals are firmer with gold up 6.00. CORN Corn trade is 2 to 3 cents lower with softer trade and little fresh news during the day session. Ethanol margins remain very poor, with more normal demand needed to bolster values while unleaded has firmed off the lows with the broader energy cuts making blender margins less negative. 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 showing 3% planted vs. 4% on average. On the May contract support is the lower Bollinger Band at $3.24, and resistance the 20-day at $3.38. SOYBEANS Soybean trade is 3 to 6 cents lower with trade testing the lower part of the recent range again with little fresh news and declining crush margins. Meal is $0.50 to $1.50 lower and oil is 15 to 25 points lower. South America continues to head toward a dry finish to the year with harvest moving forward, and a focus on shipping and currencies remaining in place with real fading from early gains. Corn is holding vs. soybeans for new crop, with soybeans remaining reluctant to buy acres. The May soybean chart support is the gap at $8.41, with resistance the 20-day at $8.62. WHEAT Wheat trade is 4 to 10 cents lower at midday with wheat backing off the highs overnight with choppy action likely to continue short term as freeze damage gets assessed. Russia remains dry short term, and the U.S. dollar is flat, which should add support as well if sustained. Kansas City is at a 66-cent discount to Chicago on the May reversing the recent narrow trade, while Minneapolis is -23 with narrower action today. Weekly conditions showing winter wheat at 62% good to excellent, and 10% poor to very poor, with 6% headed vs. 7% on average, with spring wheat 5% planted vs. 9% on average. The May Kansas City chart support is the 20-day at $4.78, with resistance the $5.00 area which we have struggled to hold. 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.