DTN Midday Grain Comments 02/24 11:29

DTN Midday Grain Comments 02/24 11:29 All Grains Lower at Midday Trade is lower across the board at midday with outside market pressure and a trend change. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 220 points. The interest rate products are lower. The dollar index is 19 lower. Energies are lower with crude down 0.90. Livestock trade is mixed with cattle higher. Precious metals are mixed with gold up $25. CORN Corn trade is 2 to 4 cents lower at midday with continued negative outside markets keeping the pressure on. Weather in South America for corn acres remains mostly unchanged with concerns limited at the conclusion of heavy rains in Argentina, and more open weather coming forward. The weekly ethanol production report was a bit supportive with production 1.95% higher, stocks 0.45% lower, and gasoline demand up 4.05%. The USDA announced 110,000 metric ton sale to Columbia. On the March chart, support is the recent low at $3.58 and the contract low at $3.48 is the next round below that, while resistance is now the 20-day at $3.65. The USDA outlook forum is expected to show comfortable supplies persisting for the coming crop year. SOYBEANS Soybean trade is 2 to 4 cents lower at midday with harvest pressure from South America encouraging commercial selling. Meal is flat to $1 higher and oil is 15 to 25 points lower. Weather should allow for the shipping pace to improve out of Brazil as well, although there is a significant backlog to work through with wait times up to 60 days right now. The new ports in the north of Brazil will help to relive some of the pressure this year. On the March soybean chart support for trade is the January lows at $8.61, with resistance at $8.74. WHEAT Wheat trade is 2 to 10 cents lower at midday with wheat putting in new contract lows with the negative outside environment and improved weather expected for the Plains. Minneapolis wheat is gaining vs. the winter wheat this morning, and Kansas City is moving back above Chicago values. Egypt is rumored to be running short on funds to secure wheat supplies into late spring which will need to be watched, along with the dollar staying near the upper end of the range. On the March Kansas City chart the new low at $4.37 is support for now. 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.