DTN Midday Grain Comments 02/16 11:18

DTN Midday Grain Comments 02/16 11:18 All Grains Mostly Higher at Midday Trade is higher across the board led by soybeans and wheat. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are firmer with the Dow futures up 110 points. The interest rate products are mixed. The dollar index is 88 points higher. Energies are lower with crude down, 0.50. Livestock trade is mostly lower. Precious metals are mixed with gold down $27. CORN Corn trade is flat to 2 cents higher at midday with support from soybeans, and pressure from the weaker energy markets. Basis has stayed fairly steady with good commercial support under the market. Ethanol margins remain under pressure with futures marginally lower this morning. The weekly export inspections were neutral at 690,922 metric tons, and 190,000 metric tons were announced as sold to Columbia. On the March chart the $3.67 level is resistance where we find the 20-day and 50-day moving averages. Support is at the $3.58 1/4 low then the $3.48 1/2 contract low. SOYBEANS Soybean trade is 4 to 6 cents higher at midday with commercial support returning with the end of the Chinese New Year holiday, meal is $4 to $5 higher and oil is 40 to 50 points lower. South American harvest progress will continue as it closes in on the 20% complete level in Brazil. The weekly export inspections were very strong at 1.76 million metric tons. On the March soybean chart nearby resistance at the $8.75 1/2 20-day, with the 100-day at $8.81 our resistance level above that, and we are in between that area this morning. Support is at the $8.59 1/2 weekly low then the $8.52 early January low. A strong finish could help trigger more buying overnight. WHEAT Wheat trade is 3 to 5 cents higher across the three contracts at midday with good support from row crops, and warmer weather raising concerns for an early exit from dormancy. The dollar has rebounded sharply this morning but remains a ways from recent highs, which will continue to be negative for U.S. exports. The weekly export inspections were improved at 383,947 metric tons. On the March Kansas City chart the previous low at $4.51 3/4 is chart resistance then the 10-day at $4.58. The new contract low printed Tuesday at $4.42 1/4 is chart support. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered trading adviser. David Fiala can be reached at dfiala@futuresone.com Follow David Fiala on Twitter @davidfiala (BAS) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.