DTN Midday Grain Comments 03/14 11:16

DTN Midday Grain Comments 03/14 11:16 Corn, Wheat Higher at Midday Trade is higher across the board at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures down 3 points. The interest rate products are lower. The dollar index is 32 higher. Energies are lower with crude down 1.60. Livestock trade is mixed. Precious metals are lower with gold down $15. CORN Corn trade is 3 to 4 cents higher at midday with trade finding some light buying after the CFTC revealed additional non-commercial shorts added to the market last week. Ethanol margins remain tight to negative with some additional pressure from the weak energy trade to start the week, although ethanol futures have edged marginally higher this morning. The COT report following the session showed funds adding on shorts which gives us a little more short covering power if we can find the reason to move above the next resistance levels early this week. The weekly export inspections were ok at 804,499 metric tons. On the May chart support is now at the 20-day moving average at $3.63 then the contract low at $3.54 1/4. The 50-day at $3.66 is nearby resistance, which we have edged above this morning. The 100---day at $3.77 3/4 is the next upside major moving average. SOYBEANS Soybean trade is narrowly mixed at midday with trade moving sideways with support from corn and wheat working against South American harvest pressure. Meal is $1 to $2 lower and oil is 25 to 35 points higher. South American harvest should continue to progress on a normal pace with harvest pressure likely to limit upside next week. There were some protests over the weekend, but they were likely insufficient to get the market too excited for a near term reaction, but unrest in Brazil could eventually become a bigger story. The COT report showed some of the strength last week was fund short covering. The weekly export inspections were a bit softer at 715,816 metric tons. On the May soybean chart support is the 100-day moving average at $8.82, resistance is at the fresh two-month high printed today at $8.97 then the 200-day at $9.05. WHEAT Wheat trade is 3 to 8 cents higher across the three contracts at midday with light buying on weather concerns to start the week. The Southern Plains look to stay dry in the near term, which should add support, with excessive moisture in the delta growing areas. 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. India looks to have some stormy weather in the near term which might cause some damage to the growing crop. If the FED raises U.S. interest rates this week, the dollar will likely continue to build strength at the expense of U.S. exports. 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. Resistance is the 100-day at $4.87, which we have edged above at midday. 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.