DTN Midday Grain Comments 03/14 11:38

DTN Midday Grain Comments 03/14 11:38 Soybeans, Wheat Lower at Midday Mixed slow grain trade is seen at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are slightly lower with the Dow futures down 24 points. The interest rate products are higher. The dollar index is 15 points higher. Energies are lower with crude down $0.78. Livestock trade is mixed with hogs higher and cattle lower. Precious metals are higher with gold up $2. CORN Corn trade is 2 cents higher at midday in slow trade; the trading range has been from around a penny lower to 3 cents higher. The trade is consolidating around the fresh 2-month low printed overnight at $3.60 on the March contract. December futures also went to a new 2-month low down to $3.81 1/2. The December 5-month low is just below $3.75; this area is viewed as support due to expectations it may lower planted acre of we drop below here. Spillover pressure from beans has been noted with most thinking soybeans have some downside risk here with downside risk in corn limited. No major fresh news or South American changes are moving the market today; most expect continued slow action this afternoon. On the May chart support nearby support is or fresh 2-month low then the $3.52 late December low. Resistance is at the $3.66 100-day then the $3.70 200-day. SOYBEANS Soybean trade is 3 to 5 cents lower at midday after trading down 14 cents; meal is off $1 and soybean oil is off 10 points. Outside market and chart pressure had long liquidation stepping up this morning taking futures to a 4-month low. It does not appear the danger of additional pressure is yet over albeit the midday market is a dime above those los. In order to have the chart picture recover we need to at least of May close above the $10.01 level which is the low printed at the beginning of the year and previous 4-month low. Crush margins will need to improve to drive basis improvement as the export program slows seasonally giving a window of some fundamental negative news this month coupled with the slightly higher than expected numbers from the USDA last Thursday. On the May soybean chart support is at the $9.92 low printed this morning, resistance is at the 200-day and lowest major moving average at $10.20. WHEAT Wheat trade is steady to 2 cents lower across the three markets in slow trade; most contracts have seen around a nickel range up to midday. The futures appear to be looking to find some footing after the recent break due to the trade focused on expected better rains for the drier areas of the belt the second half of the month. The trade should be watching for changes in the rain outlooks this week and next as an item to direct trade. On the May Kansas City contract support we slipped below the 100-day at 4.43 so support is now at the $4.36 2-month low. Resistance is the 100-day, then the 200-day at $4.58. 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.