DTN Midday Grain Comments 03/10 10:56

DTN Midday Grain Comments 03/10 10:56 Soybeans Lower at Midday Futures trade is mixed at midday with corn and wheat stronger. By David Fiala DTN Contributing Analyst General Comments U.S. stock market indices are lower with the Dow down 130 points. Interest rate products are higher. The dollar index is 85 lower. Energies are weaker with crude down 1.10. Livestock trade is higher. Precious metals are mixed with gold up $7. CORN Corn futures are 1 to 2 cents higher in quiet midday trade. The USDA World Agricultural Supply and Demand Estimates had the corn carryover unchanged at the 1.837 billion bushels versus the average trade guess of 1.860 billion. The global carryover was at 206.97 million metric tons versus 209.2 mmt expected and 208.8 mmt on the February report. The warm weather should allow early fieldwork to continue to make rapid progress and allow for early planting. Ethanol has edged higher this morning, hurting blender margins. The weekly export sales were strong at 1.17 mmt. On the May chart support is at the contract low of $3.54 1/4 with resistance at the 20-day at $3.62 which we have tested this morning, then the 50-day at $3.66. SOYBEANS Soybean futures are narrowly mixed at midday with two-sided trade so far. Meal is 0.50 to 1.50 lower and oil is flat to 10 points lower. South American harvest should continue to progress in the near term. The USDA March carryover came in at 460 million bushels versus 457 million bushels expected, up from 450 mb last month. The global carryover slipped to 78.87 mmt versus expectations of 81 mmt and 80.4 mmt on the February report. Global production was virtually unchanged, but a 1 million increase in exports and crush gave us the tighter carryover. Lower prices should stimulate usage, which this would illustrate. The weekly export sales were OK at 457,200 metric tons, 46,600 metric tons of meal, and 35,100 mt of oil. On the May soybean chart support is the 50-day moving average at $8.74, with the February high at $8.90 notable resistance. WHEAT Wheat futurs are 2 to 4 cents higher across the three contracts at midday with the weaker dollar encouraging buying. On the report, the domestic carryover was unchanged from February at 966 million bushels versus the 975 million expected. The global carryover came in at 237.6 mmt versus 238 mmt expected and 239.7 mmt last month. Very slightly below expected but still a huge number illustrating very comfortably supplies, the best in years, but mid $4 a bushel priced wheat is pricing this in. The weekly export sales were OK at 330,600 metric tons of old crop, and 102,900 mt of new crop. On the May Kansas City chart the 50-day moving average at $4.70 is support with the 20-day at $4.60 below there. The high today at $4.81 is resistance then the 100-day at $4.89 above there. 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.