Wheat holds higher, while pressure returns to row crops at midday.
By David Fiala DTN Contributing AnalystGrain General Comments
The U.S. stock markets are higher with the Dow futures up 95 points. The interest rate products are higher. The dollar index is 12 higher. Energies are mixed with crude down $0.55. Livestock trade is mixed with hogs the leader. Precious metals are lower with gold off $20.
CORN
Corn trade is 2 to 5 lower, giving back early gains on renewed long liquation after overnight buying. The front-month spreads have continued to soften this morning after a very brief recovery. Outside markets are pretty neutral with the dollar a little higher, crude lower, but the stock market higher. Trade is trying to hold $6.35 May contract support for now. Basis stayed firm to start the week, and maintaining the strong basis will be key to supporting the cash market. The weather in the near term remains poor for getting farmers out into the fields, but there is some hope in the forecasts. There have been more rumors about export movement, but confirmation continues to be lacking.
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