DTN Midday Grain Comments 04/28 11:25

DTN Midday Grain Comments 04/28 11:25 Grains Mixed at Midday Corn is narrowly mixed, soybeans are 4 to 6 cents lower, and wheat is 2 to 6 cents higher. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is mixed with the Dow 100 points higher as active trade continues. The dollar index is 20 points lower. Interest rate products are higher. Energies are mixed with crude $0.60 lower. Livestock trade is mixed with hogs sharply higher. Precious metals are weaker with gold down $9.00. CORN Corn trade is mixed with the back months showing more support as the May contract gets close to delivery. The ethanol complex will continue to look for a low in ethanol production as demand remains constricted and the energy complex is weak with front-month concerns still prevalent. Weather looks to allow many areas to keep making progress with most of the rain to the east. Basis faded to end last week with sideways action likely to continue. Weekly crop progress showed 27% planted vs. 20% on average, and 3% emerged vs. 4% on average. On the May contract support is continuous chart low at $3.01, and resistance the 20-day at 3.23. SOYBEANS Soybean trade is 4 to 6 cents lower at midday with selling returning during the day session with South American harvest and currency pressure still in place even with the ral slightly higher. Meal is $3.00 to $4.00 lower, and oil is 20 to 30 points higher. South America continues to move along harvest wise with some shipping slowdowns in Argentina due to weather. Soybeans have gained against corn the last few days but time is running short to make a difference. Weekly crop progress showed planting at 8% vs. 4% on average. The May soybean chart support is the lower Bollinger Band at $8.16, with resistance the 20-day at $8.46. WHEAT Wheat trade is 4 to 6 cents higher at midday after the condition reports showed a decline, and spring wheat planting may remain slow. Russia and Europe look to catch better rains short term to ease dryness while U.S. crop conditions showed winter wheat 54% good to excellent, and 15% poor to very poor, down 3 percentage points on the week, with 21% headed vs. 25% on average. Kansas City is at a 48-cent discount to Chicago on the May while Minneapolis is minus 27 with action steady to start the week. The May Kansas City chart support is the lower Bollinger Band at $4.62, with resistance the 20-day at $4.81. 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.