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DTN Midday Grain Comments     04/28 11:44

   Corn, Soy Lower at Midday

   Row crops are weaker at midday with wheat mixed.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are lower with the Dow futures 30 points 
lower. The interest rate products are mostly lower. The dollar index is 
narrowly mixed. Energies are mixed with crude up $0.20. Livestock trade is 
mixed. Precious metals are mixed with gold up 3.20.  


   Corn trade is 4 to 5 cents lower at midday with selling picking up during 
the day session with the extended forecast looking drier. The weather forecast 
is still expected to bring heavy rains into the middle of the belt this weekend 
before more seasonable weather returns. Ethanol margins are stable overnight 
with futures down slightly along with the corn. Corn basis has remained steady 
with a firm tone this week; with significant deliveries overnight. The July 
chart support is the recent low at $3.61 with resistance clustered at $3.69.


   Soybean trade is 3 to 4 cents lower overnight with trade continuing to grind 
around the recent range with spillover pressure from corn. Meal is flat to $1 
lower and oil is 25 to 35 points lower. Wet weather moving forward should be 
viewed as negative for beans since it could add acreage coming forward with 
corn gaining this week. Basis has remained fairly steady in the near term with 
trade rolling to the July as the May contract goes into delivery. Strong 
movement is expected to continue from South America in the near term. July 
soybean chart support is recent low at $9.49, with resistance the 20-day at 


   Wheat trade is mixed with KC and Minneapolis leading with trade trying to 
close out strong gains for the week with the cold and weather weather concerns 
adding premium ahead of the beginning of the Kansas crop tour. Heavy rains 
could raise disease concerns further in much of the winter wheat belt with a 
cold snap through the weekend potentially damaging heading wheat, although 
temps mostly stayed above freezing last night. The dollar is just below the 99 
level on the index. On the July KC contract support is at the 20-day at $4.31 
with resistance the 50-day at $4.51 with the positive momentum heading into the 

   David Fiala can be reached at 
Follow him on Twitter @davidfiala


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