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DTN Midday Grain Comments     04/27 11:29

   Grains Mixed at Midday

   Wheat is firmer at midday with row crops mixed.

By David Fiala
DTN Contributing Analyst

 General Comments

   The U.S. stock market indices are lower with the Dow futures 20 points 
lower. The interest rate products are mostly higher. The dollar index is 19 
points higher. Energies are weaker with crude down $1.20. Livestock trade is 
higher. Precious metals are mixed with gold up 2.00. 


   Corn trade is narrowly mixed at midday with trade waiting until the noon 
forecast to get more excited. The weather forecast is expected to bring heavy 
rains into the middle of the belt this week in the near term with the extended 
forecast more mixed with significant GFS and Euro model disagreement overnight. 
Ethanol margins are tighter with the setback in energies this morning. Corn 
basis has remained steady with a firm tone this week; producers continue to 
want to see higher prices. The weekly export sales were good at 987,000 metric 
tons of old crop, and 11,100 of new. The July chart support is the recent low 
at $3.61 with resistance clustered at $3.69.


   Soybean trade is narrowly mixed at midday with trade trying to find better 
footing after the selling yesterday with the weaker Brazilian real encouraging 
broader farmer selling. Meal is flat to $1 higher and oil is 5 to 15 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. The weekly export sales were good at 
808,100 metric tons of old crop, 72,300 of new, 112,000 of meal, and -2,000 of 
oil. July soybean chart support is recent low at $9.49, with resistance the 
20-day at $9.58.


   Wheat trade is flat to 5 cents higher across the three contracts at midday 
with Kansas City and Minneapolis wheat leading. Further short covering could 
accelerate with another positive finish today if the weather continues to be 
threatening with cold air pushing south with parts of Kansas hitting the 
mid-20's overnight. Heavy rains could raise disease concerns in much of the 
winter wheat belt with a cold weather through the weekend. The dollar is just 
above the 99 level on the index. The weekly export sales were soft at 61,700 
metric tons of old crop, and 305,400 of new. On the July Kansas City contract 
support is at the new low at $4.15 with resistance at the $4.25 10-day which we 
have moved above overnight, with the 20-day at $4.30 area. 

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


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