DTN Midday Grain Comments 03/23 13:12

DTN Midday Grain Comments 03/23 13:12 All Grains Lower at Midday Trade is lower across the board at midday with outside market weakness. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 55 points. The interest rate products are lower. The dollar index is 45 higher. Energies are lower with crude down 1.20. Livestock trade is mixed with cattle lower. Precious metals are lower with gold down $28. CORN Corn trade is 3 to 4 cents lower at midday with the negative overall commodity market environment and limited fresh news. The weekly ethanol report showed production off 4,000 barrels per day, and stocks were 1.5% lower. Corn planting progress in the Mississippi Delta will remain slow in the near term, although warmer and drier temperatures through midweek will help before moisture moves through much of the belt. The South American corn crop continues to make good progress. Basis is likely to stay sideways to lower into midweek with increased farmer movement on the recent rally. On the May chart support is at the 50-day moving average at $3.67 which we have edged below at midday 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 and open normal on Sunday night. SOYBEANS Soybean trade is 4 to 6 cents lower at midday with trade fading from the highs seen yesterday with South American harvest pressure ongoing along with negative outside markets. Meal is flat to $1 lower and oil is 45 to 55 points lower. South American harvest should continue to move along this week, running just ahead of normal pace with more variable yields in recent days. Shipping delays and political concerns will remain ongoing with the real holding much of the recent gains although it is fading today. The oil side of the complex continues to drive crush margins in the near term, although it has backed off overnight. May beans have edged above the 200-day moving average at $9.04 yesterday, and will need to hold above that area today to garner more support. On the May soybean chart further support is the 10-day moving average at $8.98. WHEAT Wheat trade is 1 to 4 cents lower across the three contracts at midday with spillover selling pressure from the row crops along with the firmer dollar. Plains weather remains concerning in the near term with dry weather and further cold snaps possible. 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 higher. 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.