DTN Midday Grain Comments 04/16 11:02

DTN Midday Grain Comments 04/16 11:02 Grains Mixed at Midday Corn is 1 to 3 cents higher, soybeans are 3 to 4 cents lower, and wheat is 2 to 6 cents lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is mixed with the Dow down 100 points as active trade continues. The dollar index is 75 points higher. Interest rate products are higher. Energies are mostly lower with crude $0.20 higher. Livestock trade is mixed with cattle leading. Precious metals are firmer with gold down $7.50. CORN Corn trade is 1 to 3 cents higher at midday while trade tries to confirm a short term low with fresh bullish news in short supply. Ethanol production is still trying to find a level with more plant idlings announced, while gasoline demand seems to have found a short-term level. Planting progress will be slowed in many areas again short term with the storm working through the corn belt. Weekly export sales were weaker at 906,600 metric tons old crop, and 62,900 of new. On the May contract support is the new low at $3.17 1/2, and resistance the lower Bollinger band at $3.20 which we are just above at midday. SOYBEANS Soybean trade is 3 to 4 cents lower with trade grinding along the lower end of the range with meal strength fading. Meal is narrowly mixed, and oil is 10 to 20 points lower. NOPA crush for March was a new record at 181 million bushels, with oil stocks below expectations. South America continues to head towards a dry finish to the year with harvest moving forward at a good clip, and a focus on shipping and currencies remaining in place with the ral fading from early gains and Brazil shipping to Asia in full swing now. Corn is holding vs. soybeans for new crop, with soybeans remaining reluctant to buy acres. Weekly export sales were soft at 244,700 metric tons of old crop, 60,000 of new, meal was 158,700 metric tons, and oil was 21,200 metric tons. The May soybean chart support is the lower Bollinger Band at $8.32, with resistance the 20-day at $8.64. Wheat Wheat trade is 3 to 7 cents lower with higher protein wheat holding up better with two sided trade so far today as we keep the recent sideways action intact. Russia remains dry short term in many areas, but still positioned for near term export business. Kansas City is at a 59-cent discount to Chicago on the May while Minneapolis is minus 23 with narrower action today. Weekly export sales were softer at 178,300 metric tons of old crop, and 419,400 of new. The May Kansas City chart support is the 20-day at $4.81 which is where we are just above 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.