Thursday, April 19, 2018  

 
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DTN Midday Grain Comments     04/18 11:51

   Grains Mixed at Midday

   Trade is mixed at midday in quiet action.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are flat with the Dow futures up 10 points. 
The interest rate products are mixed. The dollar index is 8 points higher. 
Energies are higher with crude up 1.55. Livestock trade is higher. Precious 
metals are weaker with gold down 4.00.

   CORN

   Corn trade is flat to 2 cents higher at midday with trade firming back off 
the overnight lows. Fieldwork should expand in some areas this week with drier 
pockets to the east with warmer temps expected to wait until next week, with 
delays are expected to persist in Iowa/Minnesota area. Weekly ethanol 
production was down a bit on plant maintenance with stocks down from last week, 
with gasoline demand up sharply. On the May chart we are just below the 20-day 
at $3.82 3/8 at midday with the 100-day at 3.71 becoming support if we fade 
again today.

   SOYBEANS

   Soybean trade is 2 to 4 cents lower at midday with trade remaining solidly 
range bound in back and forth trade. Meal is $3.50 to $4 lower and oil is 10 to 
20 points higher. The recent pattern in South America should remain intact near 
term allowing for greater progress in Brazil harvesting, with values remaining 
elevated for Brazilian producers to encourage harvest selling in the near term, 
and the U.S. export wire has quieted down the last few days with no announced 
sales in a week. 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, along with double crop potential depending on rains. On the 
May contract, trade is just below the 10-day at $10.46 with the 50-day at 10.38 
as further support.

   WHEAT

   Wheat trade is flat to 5 cents higher at midday with rain coverage being 
pulled back slightly on the overnight runs. Warmer conditions coming should 
help to boost maturity with rain needed to shake off freeze damage along with 
salvaging diminished potential. Spring wheat growing areas look more open but 
will need to thaw for better progress to be made. Spring wheat seeding is 
behind in Russia for the moment, but should see better catching up coming 
forward, with the slide in the ruble helping their export advantage. On the May 
Kansas City contract support is at the 100-day at $4.70 with resistance the 
50-day at 4.97. 

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered adviser. 
He can be reached at dfiala@futuresone.com 
Follow him on Twitter @davidfiala


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