DTN Midday Grain Comments 04/23 11:03

DTN Midday Grain Comments 04/23 11:03 Grains Lightly Mixed at Midday Corn is narrowly mixed, soybeans are flat to a penny higher, and wheat is 5 cents lower to 2 cents higher. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer with the Dow up 270 points as active trade continues. The dollar index is 35 points lower. Interest rate products are mixed. Energies are higher with crude $2.70. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up $18.00. CORN Corn trade is narrowly mixed with more talk of significant imports by China of up to 800 million bushels supporting the trade as we pull away from the fresh lows but buying began to dry up mid-morning without solid confirmation of business. The ethanol continues to see further plant idlings with the energy complex rally not tied to improving demand at this point. 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. Weekly export sales were softer at 726,700 metric tons of old crop, 55,900 of new. On the May contract support is continuous chart low at $3.01, and resistance the 20-day at 3.28. SOYBEANS Soybean trade is flat to 1 cents higher at midday with support from rumored China sales on soybeans as well with heavy selling expected to continue in South America with the record lows in the Brazilian ral. Meal is 1.50 to 2.50 lower, and oil was 20 to 30 points higher. South America continues to move along harvest wise. Soybeans have gained again corn the last two days but time is running short to make a difference. The USDA announced 272,000 metric ton sold to China on old crop with weekly sales at 344,900 metric tons old crop, meal at 102,900 metric tons, and 21,400 of oil. The May soybean chart support is $8.08, with resistance the 20-day at $8.54. WHEAT Wheat trade is 5 cents lower to 2 cents higher with Chicago and Minneapolis wheat leading at midday with some spread profit taking continuing as we consolidate further. 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 56-cent discount to Chicago on the May while Minneapolis is minus 37 with wider action this week, with spring wheat acres likely on the rise with the row crop weakness. Weekly export sales were a bit softer at 244,700 metric tons of old crop, and 155,200 metric tons of new. 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 $5.02 the next round up. 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.