DTN Midday Grain Comments 03/11 11:02

DTN Midday Grain Comments 03/11 11:02 Corn, Beans Higher at Midday Beans, corn, spring wheat and bean oil are all higher at midday with outside market support. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 210 points. The interest rate products are lower. The dollar index is 1 higher. Energies are higher with crude up 0.70. Livestock trade is mixed with cattle and feeders sharply higher and hogs mixed. Precious metals are mixed with gold down $13. CORN Corn trade is 1 to 2 cents higher at midday due to outside market support and noted commercial support. The warm weather should allow early fieldwork to continue to make rapid progress and allow for early planting, although the cooler weather should appear towards the end of next week. Ethanol margins remain tight to negative but the blender economics have improved substantially to start the month. USDA announced 170,800 metric tons of corn sold to Japan. On the May chart, support is at the contract low of $3.54 1/4 then the 20-day at $3.62 which we moved above late yesterday. The 50-day at $3.66 is nearby resistance. SOYBEANS Soybean trade is 3 cents higher at midday which has us 3 off the daily high but a nickel above the overnight low. Meal is fractionally lower and bean oil is up over 50 points due to spillover support from the outside markets. Overall there is limited fresh news today illustrated by the mixed daily changes in the soy complex at midday. South American harvest should continue to progress in the near-term potentially triggering some selling later in the session. The Brazilian currency continues to rally improving US competitiveness. Crush margins continue to improve with the strength of the oil side of the complex, with palm oil streaking higher as well. On the May soybean chart, support is the 100-day moving average at $8.82, resistance is at the fresh two-month high printed this morning at $8.95, then the 200-day at $9.05. WHEAT Wheat trade is mixed at midday with support from the row crops limiting downside, but the lack of fresh supportive fundamental news is limiting upside. The ruble has firmed which could hurt Russian export ability, but their winter wheat looks to be in very good shape coming out of winter so most find it hard to be friendly the market at this juncture. 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 $4.85 is resistance then the 100-day at $4.87 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.