DTN Midday Grain Comments 03/13 11:25

DTN Midday Grain Comments 03/13 11:25 Corn, Wheat Lower; Soybeans Mixed at Midday Wheat trade is active with KC May wheat down a dime. Corn is 3 lower, and beans are mixed in slow midday action. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed; the Dow futures is down 29 points. The interest rate products are lower. The dollar index is 15 points lower. Energies are mixed; crude is down $0.20. Livestock trade is higher. Precious metals are higher with gold up $4. CORN Corn trade is 3 cents lower at midday in slow trade; we are near the daily lows. The pressure is noted as light follow-through selling after the poor week when May futures were down 16 cents. We are at two-month lows. The weekly export inspections were good, which appeared to give corn support. They were at 1.547 million tons. South American weather remains a neutral to negative item; some dryness in the U.S. is an item that should limit downside. Considering we are at two-month lows, market bears are not real excited about jumping on with fresh selling this week. On the May chart support is at the $3.52 late December low with resistance at the $3.66 100-day then the $3.70 200-day. SOYBEANS Soybean trade is mixed at midday, meal is up $1.50 and soybean oil is down 45 points. May soybeans have ranged from 4 lower to 4 cents higher since the overnight trade illustrating the market contemplation in regard to expectations for this week. The USDA data and chart action was negative, projecting further downside, but market bulls argue negative items are priced-in. The weekly export inspections 656,288 tons versus 946,047 a week ago; export new should continue to slip for the U.S. and mostly be from South America. So even though the inspections number was lower the export sector as a whole is still holding strong for March. On the May soybean chart, the $10.00 level is support, resistance is the 200-day at $10.20. WHEAT Wheat trade is 5 to 10 cents lower at midday with KC seeing the most pressure. The extended forecast tries to bring some moisture back to the western belt, and no extreme cold was seen this weekend or expected this week. Later this week into next week should bring temperatures back to normal to above normal. The trade should be watching for changes in the rain outlooks this week. The weekly export inspections were neutral at 519,127 tons. On the May KC contract, support is at the 100-day at $4.43. Resistance is the 200-day at $4.58, then the 20-day at $4.69. 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.