DTN Midday Grain Comments 04/30 10:58

DTN Midday Grain Comments 04/30 10:58 Corn, Soybeans Higher at Midday; Wheat Mixed Corn futures are 10 to 12 cents higher at midday with new crop 2 to 3 cents higher; soybean futures are 6 to 8 cents higher with new crop 1 to 2 cents higher; and wheat futures are 7 cents lower to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker with the Dow down 250. The U.S. Dollar Index is 65 points higher. Interest rate products are higher. Energies are weaker with crude down 1.70. Livestock trade is mostly higher. Precious metals are mixed with gold down 1.20. CORN: Corn futures are 10 to 12 cents higher at midday with spreads still stronger as trade has rebounded from overnight weakness as the May contract enters delivery. Ethanol margins will continue to battle between corn prices, recovering driving demand, and tight ethanol stocks. Planting should continue to fly along in the short term with mostly open weather. A lot is already in the ground this week with rains to return in some areas this weekend. 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: Soybean futures are 6 to 8 cents higher at midday with spread action improving and oil leading products again to boost crush margins. Meal futures are $3.50 to $4.50 lower and oil futures are $1.30 to $1.40 higher. Trade will remain volatile into early delivery. Planters will continue to roll in the short term with progress pushing further ahead of average. South America should continue to see shipping progress with some Argentina soybeans starting to move. On the July soybean chart, support is the recent low at $14.90, with resistance the upper Bollinger band at $15.54. WHEAT: Wheat futures are 7 cents lower to 3 cents higher with trade chopping around at midday as traders do some light profit-taking into the weekend. The dollar is working to rally to end the month, which might add some headwinds. KC has widened back to a 35-cent discount to Chicago with Minneapolis now 20 cents above Chicago. Warmer weather should help to push growth in the short term and catch crop progress back towards average with the extent of the freeze damage still unknown. KC July on the chart has support at the overnight low of $6.82 3/4 and resistance is the upper Bollinger band at $7.30. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.