DTN Midday Grain Comments 05/04 11:19

DTN Midday Grain Comments 05/04 11:19 All Grains Lower at Midday Corn is 4 to 5 cents lower, soybeans are 14 to 16 cents lower, and wheat is flat to 3 cents lower. David Fiala,DTN Contributing Analyst The U.S. stock market is weaker with the Dow 190 points lower as active trade continues. The dollar index is 50 higher. Interest rate products are mixed. Energies are mostly lower with crude $0.20 lower. Livestock trade is higher with hogs leading. Precious metals are mixed with gold up $12.00. CORN Corn trade is 4 to 5 cents lower at midday with trade seeing pressure from broad commodity weakness again with trade concerns and good planting progress. The ethanol margins will need more evidence that a demand low is before making much of a push with futures flat today. Weather looks to slow planting short term in some areas, but for many it will help speed emergence with the pace in the west so far, with the weekly report likely to show well above average. Weekly export inspections are expected to be in the 750,000 to 950,000 metric ton range with the report release delayed. Basis faded to end last week with sideways action likely to continue. On the July contract support is continuous chart low at 3.00 1/2, and resistance the 20-day at 3.25. SOYBEANS Soybean trade is 14 to 16 cents lower with worries about the trade progress, and the dollar moving back higher, along with good planting progress. Meal is 3.50 to 4.50 lower and oil is 45 to 55 points lower. South America continues to move along harvest wise with strong shipments out of Brazil likely to continue. Weekly crop progress should show planting solidly ahead of average again. Weekly export inspections are expected to be in the 400,000 to 600,000 metric ton range. The July soybean chart support is the lower Bollinger Band at $8.26, with resistance the 20-day at $8.48 which we are back below overnight. WHEAT Wheat trade is 1 to 3 cents lower with trade trying to come further off the overnight lows with Kansas City trading positive at times with showers in the of the drier Northern Hemisphere areas short term. The western plains will continue to look to see how the crop recovers from the April freezes. Kansas City is at a 32-cent discount to Chicago on the July while Minneapolis is minus 6 with action steady to start. The lower dollar trend should be supportive if sustained with a small reversal higher to start the week. Export inspections are expected to be in the 350,000 to 550,000 metric ton range. Weekly crop conditions are expected to show mostly steady conditions with a focus on Kansas, and maturity around normal. The July Kansas City chart support is the lower Bollinger Band at $4.70, with resistance the 20-day at $4.88. 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 (SK) (c) Copyright 2020 DTN, LLC. All rights reserved.