DTN Midday Grain Comments 04/12 11:36

DTN Midday Grain Comments 04/12 11:36 Grains Mixed at Midday Soybeans trade is the midday leader, with corn steady and wheat lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are firmer with the Dow futures up 300 points. The interest rate products are higher. The dollar index is 30 points higher. Energies are weaker with crude down $0.40. Livestock trade is mostly higher. Precious metals are weaker with gold down 21.00. CORN Corn trade is 1 to 2 cents higher at midday in quiet trade with the market gaining spillover strength from the soybeans. Early fieldwork and planting looks to expand for the southern part of the belt with warmer temperatures, while the north remains slow into the second half of the month with another winter storm moving through. Ethanol margins remain positive with usage likely to climb further into spring, with ethanol futures slightly higher this morning. Weekly export sales disappointed at little at 893,200 metric tons. On the May chart we are back above the 20-day at $3.82 5/8 which is support with resistance the recent highs of $3.92 1/2 then the $3.95 1/4 8-month high. SOYBEANS Soybean trade is 9 to 13 cents higher at midday with demand helping to push trade higher at midday with trade looking to avoid the late-session swoon that we have seen so far this week. Meal is $3.50 to 4.50 higher and oil is flat to 10 points higher. The recent pattern in South America should remain intact near term allowing for greater progress in Brazil. Trade will be looking for signs of additional acres, especially with a slow start to planting in the Dakotas on spring wheat and the slow start to corn. Weekly export sales were strong at 1.51 million metric tons of old crop, 954,400 of new crop, 317,400 of meal, and 22,000 of oil. On the May contract, trade is back above the 20-day at $10.33 with resistance the post report high at $10.68 to start the week. WHEAT Wheat trade is 4 to 12 cents lower at midday with winter wheat pulling back sharply this morning, with world stocks overcoming the weather issues so far this morning along with better moisture in the forecast for Kansas next week. The slow progress likely limits damage from the cold snap due to slow jointing with near-term warmth adding stress, before the next round of cold this weekend. Spring wheat seeding is behind in Russia for the moment, but should see better catching up coming forward. Weekly export sales remained soft at 120,700 metric tons of old, and 68,000 of new. On the May Kansas City contract support is at the 50-day at $4.96 with trade with the upper Bollinger 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.