DTN Midday Grain Comments 02/14 11:09

DTN Midday Grain Comments 02/14 11:09 Grains Flat to Lower at Midday Soybeans lead trade lower at midday in quiet action. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow is 16 higher. The interest rate products are lower. The dollar index is 27 points higher. Energies are higher with crude up 0.40. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold up $1.30. CORN Corn trade is flat to 2 cents lower at midday with trade backing away from the upper end of the range after trade was unable to accelerate further yesterday. Double crop corn in Brazil should continue to progress in the next week with rain forecasts mixed for those areas and plenty of time to get the crop in. Basis levels will likely remain soft in the near term with better farmer cash movement. Ethanol margins remain under pressure in the near term with spring blending season getting closer but futures have held the upper part of the range despite being off close to 3 cents morning. The USDA announced 229,000 metric tons 229,000 metric tons. 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 7-month high. SOYBEANS Soybean trade is 4 to 8 cents lower at midday with trade setting back from the highs again but we have been able to firm 3-5 cents off the low. Meal is $2 to $3 lower, and oil 5 to 15 points higher. Rains could return to Argentina this week, with Brazil mixed as harvest moves on. NOPA crush is expected to reflect strong usage for January despite mixed margins. March beans have support at its highest major moving average, the 10-day, at $10.46. The $10.80 six-month high printed last month is resistance. WHEAT Wheat trade is flat to 5 cents lower at midday with spreads fairly steady at midday. The warm stretch will continue to raise concerns about breaking dormancy early, but better rains are on the way for much of Texas with Kansas and Oklahoma catching some as well yesterday. 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 with the largest Russian farm being declaring bankruptcy yesterday. Protein premiums remain strong as well. On the March Kansas City contract support is at the $4.52 200-day then the $4.43 20-day. Resistance is at the new highs at $4.68 1/4. 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.