DTN Midday Grain Comments 04/27 11:24

DTN Midday Grain Comments 04/27 11:24 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 4 to 5 cents lower overnight with selling from the open as demand concerns and good planting progress keep pressure on the market. Outside markets are mixed with crude and the dollar solidly lower today. The ethanol complex will continue to look for a low in ethanol production as demand remains constricted. Weather looks to allow many areas to keep making progress with most of the rain to the east. Basis should remain sideways near term but has firmed in some areas with the board weakness. Weekly export inspections should be in the range of 500,000 to 700,000 metric tons. Weekly crop progress should show planting edging ahead of average. On the May contract support is continuous chart low at $3.01, and resistance the 20-day at 3.25. SOYBEANS Soybean trade is narrowly mixed with buying struggling to be sustained as the Brazilian ral remains near record lows as harvest progresses, keeping farmer selling active there. Meal is narrowly mixed, and oil is 10 to 20 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. Weekly export inspections are expected to be in the range of 300,000 to 450,000 metric tons. Weekly crop progress should show planting just ahead of average. The May soybean chart support is $8.08, with resistance the 20-day at $8.52. WHEAT Wheat trade is 1 to 6 cents lower overnight with trade testing the lower end of the recent range while trade looks for fresh bullish news. Russia has booked the remainder of the preharvest export quota, with most Euro weather on the dry side, while US crop conditions are likely to remain mixed with further declines on the weekly report. KC is at a 51-cent discount to Chicago on the May while Minneapolis is -23 with action narrowing again. The May KC chart support is the lower Bollinger band at $4.64, with resistance the 20-day at $4.83. 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.