DTN Midday Grain Comments 03/18 11:33

DTN Midday Grain Comments 03/18 11:33 Mixed Grain Trade Flat to Lower at Midday Trade is mixed at midday at quiet trade with slightly supportive outside markets By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 100 points. The interest rate products are lower. The dollar index is 11 higher. Energies are higher with crude up 0.20. Livestock trade is mostly lower. Precious metals are lower with gold down $10. CORN Corn trade is flat to 2 cents lower at midday with trade chopping around in quiet trade so far. Ethanol margins mixed this morning with corn and ethanol lower, and unleaded slightly higher. Corn planting progress in the Mississippi Delta will remain slow in the near term, and the overall forecast has gone cooler, which should slow early progress. The rally in corn should have triggered additional farmer selling to keep some pressure on the basis. 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 $3.76 3/4 is the next upside major moving average, then the 200-day at $3.90. SOYBEANS Soybean trade is narrowly mixed with trade failing to hold the overnight strength again. Meal is narrowly mixed and oil is 10 to 20 points lower. South American harvest should continue to progress on a normal pace but shipping delays could linger especially if strikes begin to crop up again in Brazil with the ongoing political issues. The oil side of the crush complex has been the strongest lately, and will need to stay that way to support crush into spring with some liquidation showing today. Basis could see some pressure from increased farmer selling with the rally, along with cooling commercial demand later in the week. On the May soybean chart support is the 10-day moving average at $8.92, resistance is at the fresh two-month high printed this morning at 9.04 1/2, then the 200-day at $9.05. WHEAT Wheat trade is 1 to 5 cents lower at midday with selling returning during the day session with limited concerns ahead of the colder weekend. Short sellers have defended their large short the last two days. The dollar remains near multi-month lows. The Southern Plains look to stay dry in the near term, along with colder temperatures this weekend potentially dinging the crop a bit, with forecasts putting much of Kansas in the 20s. On the May Kansas City chart we have faded back towards the 20-day at $4.68 edging below it at midday, with upside resistance now the 50-day at $4.71, and the 10-day at $4.78. 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.