DTN Midday Grain Comments 04/15 11:17

DTN Midday Grain Comments 04/15 11:17 All Grains Lower at Midday Corn is 4 to 6 cents lower, soybeans are 2 to 3 cents lower, and wheat is 7 to 11 cents lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is weaker with the Dow down 600 points as active trade continues. The dollar index is 70 points higher. Interest rate products are higher. Energies are weaker with crude $0.60 lower. Livestock trade is mostly lower. Precious metals are weaker with gold down $28.00. CORN Corn trade is 4 to 6 cents lower with fresh lows being scored for the May contract with demand concerns continuing to pressure trade along with spillover from broad overall weakness. The weekly ethanol report showed production down another 102,000 barrels a day to a new low week, while stocks scored another new record high at 27.469 million barrels, while gasoline demand showed some slight overall improvement. Planting progress will be slowed in many areas again short term. On the May contract support is the new low at $3.17 1/2, and resistance the lower Bollinger Band at $3.20. SOYBEANS Soybean trade is 2 to 3 cents lower with support from meal being overshadowed by the broad weakness today. Meal is 4.50 to 5.50 higher and oil is 25 to 35 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 with ral fading from early gains and Brazil shipping to Asia in fully swing now. 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 which we tested this a.m, with resistance the 20-day at $8.63. WHEAT Wheat trade is 5 to 11 cents lower at midday with rains in the Black Sea area and selling on the Matif exchange spilling over to U.S. values. Russia remains dry short term in many areas, but still positioned for near term export business. Kansas City is at a 61-cent discount to Chicago on the May reversing yesterday's action so far, while Minneapolis is minus 21 with narrower action today. The May Kansas City chart support is the 20-day at $4.79 which we are below at midday with the lower Bollinger Band at $4.54 below that, 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.