DTN Midday Grain Comments 02/03 11:11

DTN Midday Grain Comments 02/03 11:11 All Grains Lower at Midday Trade is lower across the board at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 160 points. The interest rate products are higher. The dollar index is 15 points lower. Energies are mixed with crude up 0.30. Livestock trade is mixed. Precious metals are mixed with gold up $2. CORN Corn trade is 1 to 3 cents lower in quiet trade with a less than 3 cent range so far today. Limited changes are seen in the forecasts going into the weekend. Ethanol margins are stable but soft with the winter doldrums continuing, with ethanol futures edging slightly higher at midday. The February USDA World Agricultural Supply and Demand Estimates are due out next Friday, then we will have the USDA Outlook Forum at the end of the month. News is fairly limited besides these report this month but what we have seen remains positive for near term demand numbers. On the March corn chart support is the 10-day and 20-day at $3.63-$3.64 area, with the 200-day resistance at $3.68, then the $3.71 recent high. SOYBEANS Soybean trade is 2 to 6 cents lower at midday with trade chopping around in the upper end of the range for the week. Meal is flat to $1 lower, and oil is 35 to 45 points lower. No big weather influence is seen one way or the other with trade likely to show more of a weather reaction Sunday night. China's New Year Holiday has wrapped with trade looking for more action on the import front coming next week. November soybeans have held above $10 this week keeping soybean planted acre estimating high as we approach USDA survey season. On the March soybean chart futures slipped below the $10.41 20-day at the start of the week, and have went back to challenge it this morning. It is nearby resistance then the $10.45 10-day. Support is at the $10.16 200-day, then the $10.04 100-day moving average. WHEAT Wheat trade is flat to 4 cents lower at midday with trade chopping around the middle of the recent range with early strength in the Kansas City contract fading by midday. The dollar remains below 100 on the index adding support. The U.S. is still struggling to be competitive to see weekly sales stay consistently near 1 million tons, which is necessary to get us out of our heavy supply side fundamental market. Some U.S. export business might have gotten done to North Africa with Panamax vessels now competitive on the market. The western belt is still short moisture, which is limiting downside with lower spring wheat acreage expected due to low prices. This is supporting Minneapolis while adding a little premium this morning. On the March Kansas City contract support is at the 10-day at $4.38 with resistance at the $4.55 200-day. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow Fiala on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.