DTN Midday Grain Comments 02/13 11:04

DTN Midday Grain Comments 02/13 11:04 Grains Mixed at Midday Trade is narrowly mixed at midday in quiet trade. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow is 120 higher. The interest rate products are lower. The dollar index is 20 points higher. Energies are lower with crude down 0.95. Livestock trade is mostly lower. Precious metals are mixed with gold down $12.30. CORN Corn trade is flat to 1 cents lower in quiet trade at midday with a brief test of the highs this morning. Double crop corn in Brazil should continue to progress in the next week with rain forecasts mixed for those areas. Basis levels have slipped with this strength so cash prices in many areas have not quite moved to new highs, but as we do it will give us some selling resistance. Ethanol futures have shown some improvement recently although they are a bit softer this morning, and margins will remain soft until spring driving season. The weekly export inspections are expected to be in the 800,000-to-1.2 million-metric-ton range with technical difficulties delaying this release this morning. On the March corn chart support is at the $3.67 200-day, then the $3.66 20-day. Resistance is at $3.76 then the $3.87 1/2 seven-month high. SOYBEANS Soybean trade is narrowly mixed at midday with trade bouncing off the overnight lows. Meal is $2 to $3 higher and oil is 30 to 40 points lower. Rains were lighter than expected in Argentina limiting flood potential, while Brazilian harvest will continue to move along, but the strong real will limit farmer selling. The weekly export inspections are expected to be in the 1.0 to 1.50 million metric ton range. March beans have support at its highest major moving average, the 20-day, at $10.50. The $10.80 6-month high printed last month is resistance. WHEAT Wheat trade flat to 4 cents higher at midday with trade continuing to test the upper end of the recent range for a further breakout this morning. The warm stretch will continue to raise concerns about breaking dormancy early, but better rains are on the way for much of Texas with some light precip in Kansas this morning. World stocks remain burdensome, but are finally starting to head the right direction. A cold snap in Russia could have done some damage as well. On the March Kansas City contract support is at the $4.52 200-day then the $4.42 20-day. Resistance is at the five-month high printed Friday at $4.62 1/4 then the August high at $4.65. 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.