DTN Midday Grain Comments 04/29 10:43

DTN Midday Grain Comments 04/29 10:43 Corn, Soybeans Down Midday Thursday Corn is 4 to 7 cents lower, soybeans are 10 to 13 cents lower, and wheat 5 cents lower to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the Dow up 20 points. The U.S. Dollar index is 0.05 higher. Interest rate products are weaker. Energies are firmer with crude up $0.75. Livestock trade is mixed with hogs lower. Precious metals are mixed with gold down $6.60. CORN: Corn trade is 4 to 7 cents lower with spread trade firm going into delivery with the May contract. Ethanol margins will continue to battle between corn values, recovering driving demand and tight ethanol stocks. Planting should continue to fly along short term with mostly open weather and a lot already in the ground this week. Export sales showed improvement at 521,300 metric tons of old crop and 553,400 of new crop. Corn basis continues to hold firm throughout the belt. On the July contract, chart resistance is the fresh contact high at $6.84 with support the recent low at $6.29 1/2. SOYBEANS: Soybeans are 10 to 13 cents lower at midday with early gains fading, along with steady spread trade. Meal is mixed and oil is 1.70 cents to 2.00 cents lower. Trade will remain volatile ahead of delivery. Planters will continue to roll short term with progress pushing further ahead of average. South America should continue to see shipping progress with talk of imports in the Southeast as well, while basis will remain firm. Weekly export sales were better at 292,500 metric tons of old crop, 439,000 metric tons of new; meal was 163,500 metric tons of old crop, 96,600 of new, and oil was 3,600 metric tons. On the July soybean chart, support is the recent low at $14.90, with resistance the upper Bollinger Band at $15.43. WHEAT: Wheat trade is 5 cents lower to 9 cents higher with trade working to consolidate at the upper end of the range, with spring wheat taking the lead again. The dollar is at the lows, but the U.S. isn't priced well on world export markets. KC has widened back to a 31-cent discount to Chicago with Minneapolis now 16 cents above Chicago. Warmer weather should help to push growth short term and crop progress back towards average, with the extent of the freeze damage still unknown. Weekly export sales showed improvement at 223,600 metric tons of old and 237,700 of new. KC July on the chart has support at the overnight low of $6.87 1/2 and resistance the upper Bollinger band at $7.16. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.