DTN Midday Grain Comments 04/06 11:29

DTN Midday Grain Comments 04/06 11:29 Corn, Soybeans Lower at Midday Wheat leads at midday with row crops well of the overnight lows. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow down 380 points. The interest rate products are lower. The dollar index is 30 points lower. Energies are weaker with crude down 1.30 cents. Livestock trade is sharply lower. Precious metals are mixed with gold up $7.50. CORN Corn trade is 1 to 3 cents lower at midday with trade seeing pressure from the lower soybean trade and outside market uncertainty with the ongoing trade wars going on. We have found better action during the day session; our midday momentum is flat to firm. Early fieldwork looks to remain slow for the bulk of the belt, especially for the Mississippi Delta and Ohio Valley with cold wet conditions, with the second week out showing more improvement for the Plains. The export wire had some action this morning with Egypt buying 100,000 metric tons. Ethanol margins remain positive with ethanol futures edging higher this morning. On the May chart, we are back above the 20-day at $3.82 5/8 with resistance the recent highs of $3.92. SOYBEANS Soybean trade is 2 to 5 cents lower at midday with trade 25 cents off the beginning of the session lows on continued trade concerns. Meal is $.50 to 1.50 higher and oil is 20 to 30 points lower. South American harvest will continue with a drier pattern in Brazil, but rains in Argentina. Active trade will continue to trade trying to decide what the effects of the ongoing trade issues will be. Trade will be looking for signs of additional acres, especially with a slow start to planting in the Dakotas on spring wheat. More export sales were announced on the daily wire, reflecting the action yesterday at the gulf with 130,062 metric tons to Mexico, 458,000 to unknown, and 20,000 of soy oil to unknown. On the May contract, support is the 100-day at 10.11 with the 200-day at 10.02 1/2 below that, and resistance the 20-day at 10.33 to the upside. WHEAT Wheat trade is 3 to 11 cents higher at midday with spring wheat planting delays and dry Plains weather boosting the market. The poor weather conditions for the HRW belt continue to add support with rain lacking the next week, while warmer weather starts to build in. Spring wheat areas remain well below normal temperatures hindering planting. Warmer weather for the Black Sea and Continental Europe should help to support growth there, with their price advantage growing on the world market. On the May KC contract support is at the 50-day at $4.92 with trade with the upper bolliger band at 5.32 the next level of resistance. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2018 DTN/The Progressive Farmer. All rights reserved.