DTN Midday Grain Comments 03/01 11:34

DTN Midday Grain Comments 03/01 11:34 Grains Lower at Midday Broad selling dominates again at midday with early gains evaporating again. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are firmer with the Dow 55 points higher. The interest rate products are firmer. The dollar index is 20 points higher. Energies are weaker, with crude down 0.95. Livestock trade is mixed. Precious metals are weaker with gold down 11.00. CORN Corn trade washed to new lows for the move again this morning with heavy fund selling persisting. Corn is near those lows at midday down 4 cents. South America crop progress will remain on track for corn with no weather concerns illustrated in the market. Ethanol margins should improve with better spring demand and cheaper corn in the near term with ethanol futures holding near the recent highs, off a penny this morning. Corn basis should remain steady to firmer with the roll as well along with logistical challenges. Early planting is going in the south as well with weather concerns likely to build in the north into March with flooding in the mid-South causing problems now. On the May chart, support is at the $3.66 3/4 low scored this morning, followed by the $3.63 1/4 contract low. Resistance is at the $3.78 10-day moving average. SOYBEANS Soybean trade is 6 to 8 cents lower at midday with solid overnight gains giving way with the broad weakness and little fresh news. Meal is $2.00 to $3.00 lower and oil is flat to 10 points higher. South America weather should maintain the recent pattern in the coming days with Brazil harvest moving along and stable weather in Argentina. Crush margins remain strong with meal still holding $300 a ton. Trade will watch for further trade developments with a focus on scheduling the next major round of talks. Last week's China sales have yet to hit the daily wire. On the May chart support is at the $9.03 low printed this morning with resistance at the $9.20 200-day moving averages. WHEAT Wheat trade is 7 cents lower to 2 cents higher at midday with Minneapolis wheat leading, while Kansas City continues to narrow the spread to Chicago with nearly a dime coming off this week so far with delivery going into Toledo, but none vs. Kansas City . Export news has been quieter the second half of the week. The dollar has remained around 96 on the index this week, a point off the recent highs. Cold weather is expected to keep some stress on the plains in the near term with winter wanting to hang around with good moisture in the near term. On the May Kansas City chart, support is low at $4.38 3/4 fresh low with resistance at the 10-day at $4.56. 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 him on Twitter @davidfiala (BAS) Copyright 2019 DTN/The Progressive Farmer. All rights reserved.