DTN Midday Grain Comments 04/24 10:57

DTN Midday Grain Comments 04/24 10:57 All Grains Lower at Midday Corn is 3 to 4 cents lower, soybeans are 4 to 6 cents lower, and wheat is 4 to 6 cents lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is mixed with the Dow down 30 points as active trade continues. The dollar index is 9 points lower. Interest rate products are higher. Energies are mixed with crude $0.60 higher. Livestock trade is mostly lower. Precious metals are mixed with gold down $12.00. CORN Corn trade is 3 to 4 cents lower at midday with trade seeing spillover pressure from soybeans and wheat this a.m. The ethanol complex continues to see further plant idlings with the energy complex rally not tied to improving demand at this point with ADM adding to the list yesterday. Weather looks to allow many areas to keep making progress with planting. Basis should remain sideways near term but has firmed in some areas with the board weakness. THE USDA announced that Mexico bought 589,395 metric tons split between old and new crop. On the May contract support is continuous chart low at $3.01, and resistance the 20-day at 3.27. SOYBEANS Soybean trade is 6 to 8 cents lower at midday with choppy trade continuing as gains fade again with the Brazilian ral scoring new lows again overnight boosting farmer selling during harvest there. Meal is narrowly mixed, and oil is 55 to 65 points lower. South America continues to move along harvest wise with some shipping slowdowns in Argentina due to weather. Soybeans have gained again corn the last few days but time is running short to make a difference. The USDA announced further sales to China at 136,000 metric tons, along with 125,000 metric tons sold to Mexico. The May soybean chart support is $8.08, with resistance the 20-day at $8.52. WHEAT Wheat trade is 3 to 6 cents lower at midday with light selling continuing as we head towards the weekend. 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 63-cent discount to Chicago on the May while Minneapolis is minus 40 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 testing at midday with the lower Bollinger Band at 4.64 below that 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.