DTN Midday Grain Comments 04/28 10:48

DTN Midday Grain Comments 04/28 10:48 Nearby Corn, Soybeans Shooting Higher Midday Corn is 25 cents higher on May, 1-2 cents lower on December; soybeans are 22 to 28 cents higher nearby and 2 to 3 cents higher on new crop, and wheat 2 to 6 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed with the Dow down 130 points. The U.S. Dollar Index is 0.09 lower. Interest rate products are weaker. Energies are firmer with crude up $1.30. Livestock trade is mixed with hogs lower. Precious metals are weaker with gold down $4.90. CORN: Corn trade is limit higher on May trade at midday, coming off the broad overnight selling, with new crop narrowly mixed and spread trade remaining strong. The weekly ethanol report showed production up 4,000 barrels per day, with stocks down 711,000 barrels, moving stocks to 15% below last year. Planting should continue to fly along short term with mostly open weather and a lot already in the ground this week. Corn basis continues to hold firm throughout the belt. On the May contract, chart resistance is the fresh contact high at $7.20 1/2 with support the overnight low at $6.76 1/2. SOYBEANS: Soybeans are 22 to 28 cents higher at midday with May holding up the best so far and the back months bouncing off the early broad selling -- taking action 25 cents lower before firming back to 1 to 3 cents higher. Meal is $0.50 to $1.50 lower and oil is locked limit higher again on the May contract, up 2.50 cents. 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 U.S. as well, while basis will remain firm. On the May soybean chart, support is the overnight low at $15.21, with resistance the upper Bollinger band at $15.74, which we are testing at midday. WHEAT: Wheat trade is 2 to 6 cents higher at midday with Chicago action leading as trade bounces back from the early overnight selling led by the row crops to turn positive at midday. The dollar has firmed a bit off contract lows with U.S. values non-competitive on the world market right now. KC has narrowed back to a 31-cent discount to Chicago with Minneapolis now 3 cents above Chicago. Warmer weather should help to push growth short term and catch crop progress back towards average with the extent of the freeze damage still unknown. KC May on the chart has support at the overnight low of $6.81, and resistance the upper Bollinger Band at $7.08, which we are just below at midday. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.