DTN Midday Grain Comments 04/13 10:56

DTN Midday Grain Comments 04/13 10:56 Grain Futures Higher Midday Tuesday Corn is 12 to 13 cents higher, soybeans is 9 to 11 cents higher and wheat is 5 to 10 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the Dow down 85 points. The dollar index is 0.17 lower. Interest rate products are mostly higher. Energies are firmer with crude up $0.40. Livestock trade is mixed. Precious metals are firmer with gold up $10.00. CORN: Corn trade is 12 to 13 cents higher at midday with firmer spread action as trade works to rebound from the soft start to the week as early field work slows in coming days and demand remains stout nearby. Ethanol margins should remain rang- bound with driving demand likely to remain near normal levels short term, with corn values limiting upside along with sideways action in the energy complex. Corn basis continues to hold firm throughout the belt. Double-crop progress in Brazil looks to have mixed weather for most, with early growth seeming to be OK for now and the start of the dry season fast approaching. Weekly crop progress showed planting progress at 4% versus 3% last year and on the five-year average. On the May contract chart resistance is the contract high at $5.95, with the upper Bollinger Band at $5.78 3/4 now just below the market, then the 20-day at $5.57 as support. SOYBEANS: Soybeans are 9 to 11 cents higher at midday with trade working to regain momentum after the poor start to the week, with oil attempting to lead the recovery Tuesday morning after broad selling on reduced biodiesel demand Monday. Meal is $6.00 to $7.00 lower and oil is 1.70 to 1.80 cents higher. South America is expected to continue harvest progress in Brazil with little overall weather change short term and Argentina looking stable short term. Planting progress was not reported yet with only the early birds going. The May soybean chart has resistance the 20-day at $14.08, with support the lower Bollinger Band at $13.77, which we have held. WHEAT: Wheat trade is 5 to 7 cents higher with trade trying to regain momentum after the soft start to the week, and with rain for the Plains and steady conditions not adding fresh bullish inputs short term. The downtrend in the dollar should help to limit downside while feeding wheat becomes more attractive versus corn. Weather in the Plains has some cold in it as well, but not enough to get the market excited right now with weekly crop progress showing good to excellent and poor to very poor unchanged at 53% good to excellent, and 17% poor to very poor, with 5% headed versus 7% on the five-year average. KC has narrowed back to a 48-cent discount to Chicago with Minneapolis 15 cents above Chicago. KC May on the chart has support at the 20-day at $5.76 that we held Tuesday, with $6.00 the next level of resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.