DTN Midday Grain Comments 03/01 11:47

DTN Midday Grain Comments 03/01 11:47 Grain Trade Light at Midday Trade is mostly lower at midday with limited fresh news. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with a firm tone, the Dow futures up 280 points. The interest rate products are lower. The dollar index is 25 points higher. Energies are mixed with crude up 0.80. Livestock trade is mixed. Precious metals are lower with gold down $4. CORN Corn trade is fractionally higher on March to a penny lower on December new crop, the March range has only been 2 cents through midday. Outside markets are mixed and light trend selling has corn mostly lower at midday. The market has little fresh news to go on following the slightly negative news from the USDA Outlook Forum last week. Planted acreage and possible changes with lower prices has been one of the more frequent items talked about. 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 down 2 to 4 at midday in slow trade, meal is off just over $1 a ton and bean oil is soft, down nearly 50 points. Despite firmer crude trade today, bean oil has fell victim to chart selling following a break below the 50-day and 200-day moving averages on the chart. South American harvest pressure from South America along with good yield expectations has limited upside and should continue to do so. 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 yesterday, but the export news remains good and an item supporting the complex. On the May soybean chart support is the February $8.52 3-month low with resistance at the $8.75 20-day moving average. WHEAT Wheat trade is testing the downside again with futures mostly around a nickel lower at midday across the three markets. No export improvement has been seen and the dollar strength today is viewed as negative along with spillover pressure from the row crops. The lower 2016 acreage number from the USDA last week is a sign the lower prices are discouraging production, but supply expectations remain abundant for the near future. On the May KC chart the new low at $4.48 1/2 printed last week is support with the 10-day at $4.59 nearby resistance. 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.