DTN Midday Grain Comments 03/14 11:16

DTN Midday Grain Comments 03/14 11:16 Beans, Wheat Lower at Midday Trade is mixed at midday in slow trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the DOW futures down 15 points. The interest rate products are mixed. The dollar index is 2 higher. Energies are lower with crude down 0.90. Livestock trade is higher. Precious metals are lower with gold down $15. CORN Corn trade is narrowly mixed at midday; overnight trade was down a few cents. Ethanol margins remain tight to negative with some additional pressure from the weak energy trade to start the week, with ethanol futures fractionally lower this morning as they stay range bound. Heavy rains in the Mississippi Delta are slowing planting progress. This is noted supporting futures this morning. The large short position could allow bigger moves upward if additional short covering can be engaged, and another positive finish today would be a step in that direction. On the May chart support is now at the 50-day moving average at $3.66 after we closed above it Monday. The 100---day at $3.77 3/4 is the next upside major moving average. SOYBEAN Soybean trade is 3 to 5 cents lower with trading finding selling at midday with harvest continuing to move along in South America along with the more negative tone for commodities today. Meal is 2.00 to 3.00 lower and oil is 15 to 25 points higher. South American harvest should continue to progress on a normal pace with harvest pressure likely to limit near term upside. Long lines at the ports and backups on the highway will likely persist for a while. The COT report showed some of the strength last week was fund short covering. The oil side of the crush complex has been the strongest lately, and will need to stay that way to support crush. On the May soybean chart support is the 100-day moving average at $8.82, resistance is at the fresh 2-month high printed Monday at $8.97 then the 200-day at $9.05. WHEAT Wheat trade is flat to 4 cents lower across the three contracts at midday with trade seeing pressure from the weaker row crop trade and stronger dollar. The Southern Plains look to stay dry in the near term which should add support, with excessive moisture in the delta growing areas, while spring wheat has found some better demand lately. Egypt devalued their currency which will make further wheat imports more expensive. 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 US exports. On the May Kansas City chart, the 100-day moving average at $4.87 we moved above yesterday and remain above here at midday, this is nearby support than the 50-day at $4.71. Resistance is at the $5.06 1/2 December high then the 200-day moving average at $5.14. 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.