DTN Midday Grain Comments 02/17 11:23

DTN Midday Grain Comments 02/17 11:23 Grains Trending Higher at Midday Trade is lightly higher across the board with outside market support. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are firmer with the Dow futures up 210 points. The interest rate products are higher. The dollar index is 4 points lower. Energies are higher with crude up 1.50. Livestock trade is sharply higher for cattle, and mixed for hogs. Precious metals are higher with gold up $5. CORN Corn trade is flat to 2 cents higher in quiet midday trade with light commercial support. Basis has stayed fairly steady with good commercial support under the market, with notable buying yesterday. Ethanol margins remain under pressure but oil has continued to hold the lower end of the range, while ethanol futures are flat today. No further export sales were announced today, but that remains a possibility for later in the week. Double Crop corn planting is underway in Brazil as well. On the March chart the $3.66 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 2 to 4 cents higher with firmer trade during the day session after initial weakness. Commercial demand remains evident with carry being reduced in the front months. Meal is flat to $1 lower and oil is 15 to 25 points higher. South American harvest progress will continue as it closes in on the 20% complete level in Brazil, keeping some pressure on the market. Some storms may disrupt port loading, but overall shipment pace out of South America should accelerate the second half of the month. On the March soybean chart, trade has moved through the 20-day moving average at $8.74, which becomes support, while the recent highs in the $8.81 to 8.88 range function as resistance for now. WHEAT Wheat trade is 1 to 3 cents higher across the three contracts at midday with trade following row crops so far, along with weather concerns from heat in India, and wheat emerging from dormancy in the U.S. with warm temps. The dollar remains near the high end of the range. Egypt continues to reject cargo based on qualities issues from Canada and the Black Sea, but there is talk that it is more tied to a lack of credit on Egypt's part. On the March KC chart the previous low at $4.51 3/4 is chart resistance, which we have edged above at midday 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.