DTN Midday Grain Comments 04/22 10:52

DTN Midday Grain Comments 04/22 10:52 Grains Mixed at Midday Corn is 9 to 10 cents higher, soybeans are 3 to 4 cents higher, and wheat is flat to 4 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 2 points higher. Interest rate products are weaker. Energies are higher with crude $2.70. Livestock trade is mixed. Precious metals are firmer with gold up $42.00. CORN Corn trade is 9 to 10 cents higher at midday with trade trying to find enough short covering to move away from the $3.01 low from 2016 tested yesterday. The weekly ethanol report showed production down another 7,000 barrels per day, with stocks up 220,000 and gasoline demand bouncing slightly. Weather looks to allow many areas to keep making progress. Basis should remain sideways near term but has firmed in some areas with the board weakness. On the May contract support is continuous chart low at $3.01, and resistance the 20-day at 3.30. SOYBEANS Soybean trade is 3 to 5 cents higher at midday with trade building on the reversal from fresh lows scored yesterday with the currency disadvantage likely triggering more Brazilian farmer sales to limit upside. Meal is flat to $1.00 lower, and oil is 35 to 45 points higher. South America continues to move along harvest wise, with the Argentina Exchange adjusting the crop 5% lower from earlier projections on the dry finish. Soybeans have gained again corn the last two days but time is running short to make a difference with the early gains evaporating again. The USDA announced 198,000 metric ton sold to China on old crop as well. The May soybean chart support is $8.08, with resistance the 20-day at $8.56. WHEAT Wheat trade is flat to 4 cents lower with trade still unable to push through the nearby resistance levels on strength, but selling has not been able to be sustained either. Russia remains dry short term in many areas, with half of the short term export quota spoken for, with question about continental weather as well. Kansas City is at a 54-cent discount to Chicago on the May while Minneapolis is minus 41 with wider action this week, with spring wheat acres likely on the rise with the row crop weakness. The May Kansas City chart support with support the 20-day at $4.83, which we are back above with the upper Bollinger Band at $5.03 the next round up which we have tested this morning with the new high at 5.07 3/4, before pulling back. 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.