DTN Midday Grain Comments 04/17 10:50

DTN Midday Grain Comments 04/17 10:50 Grains Mixed at Midday Corn is 3 to 4 cents higher, soybeans are flat to 2 cents lower, and wheat is 1 to 9 cents higher. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer with the Dow up 330 points as active trade continues. The dollar index is 35 points lower. Interest rate products are mixed. Energies are mostly lower with crude $1.80 lower. Livestock trade is mixed. Precious metals are mixed with gold down $21.50. CORN Corn trade is 3 to 4 cents higher at midday with trade working to confirm a short-term low, and trigger some profit taking with planting slow in the near term, but little other fresh news and warmer weather expected soon. Ethanol production is still looking to stabilize at a level, and will need to see significant stock drawdowns to restart the plants as we reopen various states. Basis has remained sideways at the lower end of the range this week. On the May contract support is the new low at $3.17 1/2, and resistance the 20-day at 3.35. SOYBEANS Soybean trade is flat to 2 cents lower with early gains fading again as we got to the day session. Meal is flat to $1.00 lower, and oil is flat to 10 points higher. 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 real 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. The USDA did announce 120,000 metric tons of soybeans sold to unknown. The May soybean chart support is the lower Bollinger Band at $8.31, with resistance the 20-day at $8.63. WHEAT Wheat trade is 1 to 8 cents higher with Kansas City the midday leader as choppy trade continues as we watch weather forecasts and the results of export tenders, with U.S. wheat offered cheaper than Russian and euro wheat, but not cheap enough to offset freight disadvantages. Russia remains dry short term in many areas, but still positioned for near term export business. Kansas City is at a 56-cent discount to Chicago on the May while Minneapolis is -21 with narrower action today. The May Kansas City chart support is the lower Bollinger Band at $4.61, with resistance the 20-day at $4.81, which we are just below at midday. 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.