DTN Midday Grain Comments 04/29 11:06

DTN Midday Grain Comments 04/29 11:06 Grains Mixed at Midday Corn is 1 to 2 cents lower, soybeans are 4 to 5 cents higher, and wheat is 7 to 13 cents lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer with the Dow 500 points higher as active trade continues. The dollar index is 10 lower. Interest rate products are higher. Energies are higher with crude $3.70 higher. Livestock trade is mostly lower. Precious metals are mixed with gold down $5.00. CORN Corn trade is 1 to 2 cents lower with early buying evaporating yet again as we continue to test the multi-year lows. The ethanol weekly report showed record lower production down another 10,000 barrels per day, but a sharp stocks draw of 1.352 million barrels per day as gasoline demand continues to show improvement. 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. 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 5 cents higher with trade looking for support to develop as the Brazilian ral has reversed course this week although it remains near record lows as harvest moves on. Meal is narrowly mixed, and oil is 30 to 40 points higher. South America continues to move along harvest wise with some shipping slowdowns in Argentina due to weather and low water levels. Soybeans have gained again corn the last few days but not enough to make major changes in acreage. The May soybean chart support is the lower Bollinger Band at $8.18, with resistance the 20-day at $8.43. WHEAT Wheat trade is 7 to 13 cents lower with Chicago trade the weakest at midday and choppy action likely to continue through the course of the day. Russia and Europe look to catch better rains short term to ease dryness while U.S. crop conditions should see little change this week. Kansas City is at a 47-cent discount to Chicago on the May while Minneapolis is -23 with action steady to start the week. The May Kansas City chart support is the lower Bollinger Band at $4.61, with resistance the 20-day at $4.79. 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.