DTN Midday Grain Comments 03/28 11:08

DTN Midday Grain Comments 03/28 11:08 Corn, Beans Mostly Flat Wheat is sharply higher at midday, with row crops flat to lightly higher. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow futures up 2 points. The interest rate products are lower. The dollar index is 30 lower. Energies are lower with crude down 0.40. Livestock trade is mixed with hogs higher. Precious metals are mixed with gold down $2. CORN Corn trade is flat to a penny higher at midday with trade edging higher after a weak start. Ethanol margins will likely remain stable in the near term with flatter corn and energy markets to start the week with unleaded and ethanol futures slightly lower this morning. Weather looks to be more open in the near term which could get more work underway especially in the western belt. The South American corn crop continues to make good progress with limited weather concerns. The weekly export inspections were solid at 977,686 metric tons. Trade will also see position squaring as we head towards the month end stocks and acres report. On the May chart support is at the 50-day moving average at $3.67, which we tested today then the 20-day at $3.64. Resistance is at the $3.72 recent high then the 100---day at $3.76. SOYBEANS Soybean trade is 1 to 2 cents higher at midday with trade finding some light buying during the day session as soyoil surges on lower palm oil production. Meal is $2 to $3 lower and oil is 45 to 55 points higher. South American harvest is on the downhill side, which should reduce harvest pressure in the near term. Shipping delays and political concerns will remain ongoing with improved weather potentially bolstering the shipping pace. The oil side of the complex has regained strength this morning and could bolster crush margins to start the week. Export inspections were ok seasonally at 567,528 metric tons. 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 $9.15, which was picked up this morning. WHEAT Wheat trade is 8 to 14 cents higher across the three contracts at midday with support from ongoing weather concerns after cold weather in the U.S., and potential for a cold snap in Russia. Plains weather is expected to remain fairly dry as well. World supplies remain ample which will limit potential rallies until more export business returns to the U.S., with the U.S. continuing to lack competitiveness. Export inspections remain fairly soft at 327,118 metric tons. On the May Kansas City chart the 50-day moving average at 4.71 is support, with trade moving above the 10-day at $4.78 at midday. 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.