DTN Midday Grain Comments 02/19 11:34

DTN Midday Grain Comments 02/19 11:34 Grains Flat to Higher at Midday Trade is steady to fractionally higher at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures down 20 points. The interest rate products are higher. The dollar index is 22 points lower. Energies are lower with crude down 1.30. Livestock trade is mixed ahead of the cattle on feed report this afternoon. Precious metals are higher with gold up $5. CORN Corn trade is a penny higher in quiet midday trade with good commercial support. The ethanol futures are slightly higher this morning keeping pressure on blender margins. The weekly export sales were strong at 1.05 million metric tons, and an announcement of 101,600 metric tons sold to Japan. On the March chart the $3.66 1/2 level is where we find the 20-day and 50-day moving averages, and we are holding that area this morning. The two-month high at $3.73 3/4 is where longer-term resistance is located. Support is at the $3.58 1/4 January low then the $3.48 1/2 contract low. The market should be focused on longer term balance sheets the rest of the month with the baseline projections out today than the USDA Outlook Forum next week. SOYBEANS Soybean trade is flat to 2 cents higher at midday with light buying hanging around trade. Meal is $1 to $2 higher, and oil is 25 to 35 points lower. Carry has remained stable this morning. Some storms may disrupt port loading, but overall shipment pace out of South America should accelerate the second half of the month. Weekly export sales were OK at 567,500 metric tons of beans, 111,400 metric tons of meal, and 12,700 of oil. On the March soybean chart we pushed above the $8.81 100-day Wednesday, but have been unable to hold above it, and are just below it this morning. Chart support is at the $8.75 20-day with resistance at the $8.89 1/2 2-month high than the $9.10 200-day moving average. WHEAT Wheat trade is flat to 2 cents higher this morning in quiet trade with support from the row crops. Black Sea wheat continues to flow to Egypt, but overall questions remain around quality and credit. Unseasonably warm weather in the U.S. plains will continue to be watched, while the dollar rally is fading as we head towards the weekend. Export sales remained soft at 253,600 metric tons. On the March Kansas City chart the 10-day at $4.48 is chart support, with resistance is at the $4.59 20-day. 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.