DTN Midday Grain Comments 03/24 11:09

DTN Midday Grain Comments 03/24 11:09 Corn, Beans Higher at Midday Row crops have edged higher and midday with wheat soft. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 63 points. The interest rate products are lower. The dollar index is 13 higher. Energies are lower with crude down 1.05. Livestock trade is lower. Precious metals are lower with gold down $2. CORN Corn trade is 1 to 2 cents higher at midday with trade continuing to grind along in the recent range. Ethanol margins are seeing further pressure from the slide in the energy values taking away the small premium that unleaded gas built into ethanol with ethanol futures edging higher again today. The blizzard working through much of the corn belt will limit early fieldwork going into the weekend. The South American corn crop continues to make good progress with limited weather concers. The weekly export sales are were ok at 803,200 metric tons of old crop, and 99,900 of new crop. The USDA also announced 260,000 metric tons of old crop sold to Taiwan. On the May chart support is at the 50-day moving average at $3.67 which we tested today 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 2 to 4 cents higher with buying returning during the day session as we continue to consolidate trade above $9.00. Meal is $4 to $5 higher and oil is 25 to 35 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 improved weather potentially bolstering the shipping pace. The oil side of the complex continues to drive crush margins in the near term, although it has backed off in the last few days. Export sales were mixed with 410,800 metric tons of beans, 468,700 of meal, and 24,400 of oil. May beans have held above the 200-day moving average at $9.04. On the May soybean chart further support is the 10-day moving average at $8.98 with resistance at the high for the move at $9.12. WHEAT Wheat trade is 1 to 3 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 into early April. World supplies remain ample which will limit potential rallies until more export business returns to the U.S., with the stronger dollar again eroding U.S. export competitiveness. Export sales showed some improvement at 368.900 metric tons of old crop, and 118,800 of new. Chart rallies should remain a common place with the market historically low. On the May Kansas City chart the 50-day moving average at 4.71 is support, 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.