DTN Midday Grain Comments 02/26 11:45

DTN Midday Grain Comments 02/26 11:45 All Grains Higher at Midday Wheat and soybeans lead at midday with corn testing the upper end of the range. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher at midday with the Dow futures up 240 points. The interest rate products are lower. The dollar index is narrowly mixed. Energies are higher with crude up 0.50. Livestock trade is lower. Precious metals are mixed with gold up $4.10. CORN Corn trade is 3 cents higher at midday with trade testing the top end of the recent range with support from soybeans and Argentina weather. December trade has touched $4.00 this morning. Ethanol margins should remain steady to start the week with ethanol futures following corn higher. U.S. export values should remain pretty competitive with inspections strong at 1.305 million metric ton range, and 125,000 metric tons of corn sold to unknown on the daily wire. Double crop areas in Brazil look to build some moisture in the coming days, but that is slowing planting progress. On the March chart support is at the 10-day at $3.67 with the 20-day at 3.64 below that, with the 200-day moving average at $3.73 the highest moving average. SOYBEANS Soybean trade is 4 to 9 cents higher at midday with trade pushing to new highs on continued dry weather in Argentina and slow early harvest in Brazil. Meal is $6 to $7 higher and oil is 30 to 40 points higher. The weather pattern looks to keep Argentina dry, and Brazil wet in the near term that is limiting downside, with pod-fill season fast approaching for Argentina with some possible relief in the extended forecast. Volatility should continue here in the near term with overbought conditions persisting. The weekly export inspections were disappointing at 761,961 metric tons. On the March, support is the 10-day moving average at $10.19, with resistance the $10.47 3/4, which is the six-month high scored this morning. WHEAT Wheat trade is 8 to 12 cents higher on the winter wheat and flat to 2 higher on the spring wheat with the dry Plains adding support as warmer temps will start to pull the crop out of dormancy. The extended forecast continues to be short on moisture the western wheat belt, with soft wheat growing areas inline for better near-term moisture. The dollar index remains below 90 with trade unable to sustain rallies above that point. Black Sea origin values have risen on the export market, but will likely maintain their edge in the near term. Weekly export inspections were softer at 280,243 metric tons. On the March Kansas City wheat support is at the 200-day at $4.2, with the contract high at $4.84 just above the market. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. He can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2018 DTN/The Progressive Farmer. All rights reserved.