DTN Midday Grain Comments 03/06 11:01

DTN Midday Grain Comments 03/06 11:01 Grains Mixed at Midday Grain trade is mixed at midday with a soft tone. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 70 points. The interest rate products are lower. The dollar index is 4 points higher. Energies are mixed with crude up 0.10. Livestock trade is mostly lower. Precious metals are mixed with gold down 1.00. CORN Corn trade is 2 to 4 cents lower at midday with early strength fading during the day session, as we test support at midday. Excessive rains in South America could add more support this week, and early fieldwork in the south should continue with planting in the Delta states. Ethanol margins will remain poor but we continue to draw closer to spring driving season with futures edging lower this morning. Chinese corn values were strong to open the week. The weekly export inspections were strong at 1.44 million metric tons. On the May contract support is at the $3.76-3.77 area where we find the 10-day and 20-day moving average with the recent high at $3.88 resistance. SOYBEANS Soybean trade is flat to 3 cents higher at midday with trade trying to hold better support after the volatile trade recently. Meal is $1 to $2 higher, and oil is 20 to 30 points lower. The Brazilian harvest should continue to make progress with some weather disruptions. Soybean basis should remain flat with crush margins needing improvement, and exports slowing seasonally. Trade will be watching the spread vs. corn closer as we get closer to planting season in the US. The weekly export inspections were ok at 921,779 metric tons, with seasonal declines continuing. On the May soybean chart support is the 10-day at $10.34, with resistance the 50-day at $10.42 which we tested this morning. WHEAT Wheat trade is mixed at midday with the winter wheat showing the most strength with Minneapolis wheat turning lower. Warm weather should continue to be a concern with the western plains remaining drier, plus high winds sapping moisture. Cold potential could return at the end of the week. The dollar remains range bound to open the week. The winter wheat should continue to gain vs. the spring wheat with protein issues moving to the back burner for now, but it will remain a longer term issue. The weekly export inspections were fairly solid at 535,920 metric tons. On the May Kansas City contract support is at the $4.68 10-day. Resistance is the recent high at $4.82. 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 (ES) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.