DTN Midday Grain Comments 04/30 11:13

DTN Midday Grain Comments 04/30 11:13 Corn, Soybeans Higher at Midday, Wheat Mixed Corn is 4 to 6 cents higher, soybeans are 14 to 17 cents higher, and wheat is 2 cents lower to 4 cents higher. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is weaker with the Dow 260 points lower as active trade continues. The dollar index is 60 lower. Interest rate products are higher. Energies are higher with crude $3.45 higher. Livestock trade is mostly higher. Precious metals are mixed with gold down $4.00. CORN Corn trade is 4 to 6 cents higher at midday with trade pushing back higher during the day session as trade sees profit taking vs. shorts after the fresh lows scored yesterday. The ethanol margins have improved for the plants that are still running with the stocks decline and demand rebound adding support, although we will need more before plants restart. 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 export sales were strong at 1.357 million metric tons of old crop and 339,000 of new crop. On the July contract support is continuous chart low at 3.00 1/2, and resistance the 20-day at 3.27. SOYBEANS Soybean trade is 14 to 17 cents higher with trade seeing support from the weaker dollar and the fading of South American harvest. Meal is $5.00 to $6.00 higher, and oil is 25 to 35 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. Weekly export sales showed improvement at 1.078 million metric tons old crop, 105,000 new, with meal at 163,600 and oil at 29,800. The July soybean chart support is the lower Bollinger Band at $8.27, with resistance the 20-day at $8.50, then the upper Bollinger Band at $8.72 WHEAT Wheat trade is 2 cents lower to 4 cents higher at midday with trade moving back to support levels with little fresh news. 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 35-cent discount to Chicago on the July while Minneapolis is minus 6 with action steady this week. The lower dollar trend should be supportive if sustained. Weekly export sales were solid at 467,400 metric tons old crop at 155,100 of new crop. 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.