DTN Midday Grain Comments 03/22 10:57

DTN Midday Grain Comments 03/22 10:57 All Grains 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 25 points. The interest rate products are lower. The dollar index is 18 higher. Energies are mixed with crude down 0.10. Livestock trade is mixed with cattle lower. Precious metals are mixed with gold up $8. CORN Corn trade is 1 to 2 cents higher at midday in fairly quiet action. Ethanol margins are stable with unleaded values gaining slightly relative to ethanol this morning. Corn planting progress in the Mississippi Delta will remain slow in the near term, although warmer and drier temperatures through midweek will help. Fertilizer supplies have gotten tighter in some areas as final planting decisions are made. Basis is likely to stay sideways into midweek with increased farmer movement on the rally. On the May chart support is at the 50-day moving average at $3.67 then the 20-day at $3.63. Resistance is at the $3.72 recent high then the 100---day at $3.76. Trade will be closed Friday for Good Friday. SOYBEANS Soybean trade is 8 to 12 cents higher at midday with Brazilian unrest, and strong vegetable oil pricing overshadowing harvest for now. Meal is $3 to $4 higher and oil is 30 to 40 points higher. South American harvest should continue to move along this week, running just ahead of normal pace with additional protests expected in Brazil, which could induce some short covering and cause some shipping delays. Yields have become a bit more variable in the later stages of harvest. The oil side of the complex continues to drive crush margins in the near term. May beans have edged above the 200-day moving average at $9.04 this morning, and a strong close would be supportive. On the May soybean chart further support is the 10-day moving average at $8.95. WHEAT Wheat trade is 1 to 4 cents higher across the three contracts at midday with freezing temperatures on the Southern Plains helping the Kansas City wheat to find buying with a warm up expected with dry conditions before it turns cold again. World supplies remain ample which will limit potential rallies until more export business returns to the U.S., with the rest the world remaining cheaper than U.S. origin with Russia setting export records. Chart rallies should remain a common place with the market historically low. On the May Kansas City chart we jumped back over the 50-day moving average at 4.71, and held that with the 10-day at $4.79, the next round up that we tested this morning. 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.