DTN Midday Grain Comments 02/29 11:43

DTN Midday Grain Comments 02/29 11:43 Grains Mostly Lower at Midday Trade is flat to lower at midday with limited fresh news. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 40 points. The interest rate products are mixed. The dollar index is 15 points higher. Energies are mostly higher with crude up 0.80. Livestock trade is mixed with cattle higher. Precious metals are higher with gold up $14. CORN Corn trade is 1 to 2 cents lower at midday with light two-sided trade last night up to midday. Ethanol margins remain fairly stable in the near term with the switchover to the more expensive spring gasoline blends on going, as ethanol futures have edged a penny higher this morning. Double-crop corn planting should continue in Brazil this week, with an uptick in rains forecasted in the extended forecast to help establish stands. The weekly export inspections were in line with expectations at 737,602 metric tons. On the May chart support is at the contract low of $3.54 1/4 with resistance at the 20-day at $3.68. SOYBEANS Soybean trade is 1 to 3 cents lower at midday with harvest pressure from South America along with good yields expected on those harvested acres. Meal is $1 to $2 higher, and oil is 30 to 40 points lower. Harvest in Brazil should make good progress this week, while the ports will have a bit of a backlog to clear up. The weekly USDA export inspections softened a bit to 1.04 million metric tons. On the May soybean chart support is the February $8.52 three-month low with resistance at the $8.75 20-day moving average. WHEAT Wheat trade is flat to 3 cents lower at midday with the weaker row crop trade and stronger dollar overcoming the warmer and drier forecast for the Southern Plains in the near term. The dollar has edged higher and will continue to discourage use of U.S. origin wheat. The weekly export inspections showed some improvement at 371,934 metric tons. On the May Kansas City chart the new low at $4.50 is support with the 10-day at $4.59 nearby resistance, which we are testing overnight. 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.