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The U.S. stock market is firmer at midday with the S&P 50 points higher. The dollar index is up 60 points. The interest rate products are firmer. Energies are mixed with crude up .35 cent and natural gas off 4 cents. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up $3.

Corn is flat to a penny higher at midday with choppy action continuing ahead of the May contract heading into delivery. Ethanol margins should remain range-bound with unleaded edging higher to help blender margins heading towards the weekend. Near-term weather looks to bring plenty of short-term rain to much of the belt which should boost emergence on early planted acres while slowing further progress.

The daily wire was quiet again today. Little change is seen near term for South American weather with some areas of concern lingering for the second-crop corn. On the July chart, the 20-day at $4.46 is nearby support with the recent high at $4.60 the next level of resistance.

Soybeans are 2-3 cents lower at midday with range-bound action continuing with meal fading further while oil remains at the lower end of the range. Meal is $2 to $3 lower and oil is 10 to 20 points higher. South American bushels should continue attracting the most export attention as harvest wraps in Brazil. The daily wire was quiet again today. Planting progress while likely slow with the rains but the warmer weather should help the emergence on the planted acres. July soybean futures have support at the $11.40 recent low. Chart resistance is at the 20-day moving average at $11.79 which we are just below at midday.

Wheat trade is 2-8 cents higher at midday with wheat continuing to consolidate the upper end of the range as it touches overbought conditions with the run on the week. The Plains will see seasonal to above normal temps to push the crop along with better overall rain chances expected into early May, while Black Sea concerns continue with recent dryness. The dollar continues to work a bit short of the highs with MATIF wheat scoring fresh highs for the move. On the KC July chart, support is the 20-day at $5.89, with the fresh high at 6.52 1/2 as further resistance.

David Fiala can be reached at dfiala@futuresone.com

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