DTN Midday Grain Comments 03/04 11:37

DTN Midday Grain Comments 03/04 11:37 Grains Mixed at Midday Corn and wheat are mixed, but beans up a dime at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow up 75 points. The interest rate products are lower. The dollar index is 35 points lower. Energies are higher with crude up 1.28. Livestock trade is mostly higher. Precious metals are higher with gold up $11. CORN Corn trade is fractionally mixed at midday with upside momentum stalling earlier when futures were up around 3 cents. The weekly export sales number was good yesterday which has helped limit downside along with outside markets. Spillover support from soybeans and short profit taking remain a supportive item at midday. The firm Brazilian real has brought in short covering but as of midday the trade is quiet. The trend remains down here, but trying to turn. On the May chart support is at the contract low of $3.54 1/4 with resistance at the 20-day at $3.64. SOYBEANS Soybean trade is a dime higher at midday due to noted short profit taking or short covering for recent shorts. Meal is $3.50 higher and bean oil is up 35 points. The Brazil story is leading the news today and appears to have given us this double-digit gaining day. Nearby beans moved above the 10-day moving average sparking shorts to exit earlier this morning, but momentum is flat at midday. The export sales report was light yesterday and the market appears to be searching for fresh friendly news to help push beans higher. On the May soybean chart support is the February $8.67 10-day with resistance at the $8.83 100-day moving average. WHEAT Wheat trade mixed at midday with negative momentum, futures are around a dime below their highs. It is early to be this warm, so some short profit taking was seen this week, but there is no forecast of concern that would drop temperatures. The dollar remains strong and export business remains quiet with the U.S. remaining at a significant cost disadvantage with Egypt securing Ukrainian and Romanian supplies this week. The weekly export sales were again low yesterday at 344,300 metric tons which keeps fundamental traders bearish wheat. On the May Kansas City chart the $4.57 10-day moving average is nearby support then the low at $4.48 1/2 printed last week. Resistance is at the $4.70 50-day moving average. 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.