DTN Midday Grain Comments 03/02 11:02

DTN Midday Grain Comments 03/02 11:02 Corn, Beans Higher at Midday Corn is 5 to 6 cents higher, soybeans are 8 to 9 cents higher, and wheat is 4 to 7 cents lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market is firmer with the Dow up 590. The dollar index is 63 lower. Interest rate products are weaker. Energies are firmer with crude up $2.00. Livestock trade is mostly higher. Precious metals are firmer with gold up $26.80. CORN Corn trade is 5 to 6 cents higher at midday with buying as world markets in commodities and equities try to stabilize to open the week. Ethanol margins remain tight with more pressure on blender margins with the pressure in the energy complex while ethanol remains flat with blender margins getting a boost. Corn basis might see some light pressure to start the week if futures strength can hold. Weekly export inspections improved to 896,221 metric tons. On the May contract support is the fresh lows at $3.65 marked Friday, with resistance at the lower Bollinger Band at $3.68, which are solidly above at midday with the next level of resistance the 20-day at $3.81. SOYBEANS Soybean trade is 8 to 9 cents higher with trade edging above $9.00 nearby again with good buying this a.m. Meal is $2.50 to $3.50 higher, and oil is 20 to 30 points higher. South America should see continued harvest progress as they try to catch back up to the average pace. The Brazilian ral remains very cheap as well hurting U.S. export competitiveness, but the dollar is at multiweek lows this a.m. New-crop soybeans will need to gain vs. corn to provide an acreage incentive ahead of planting in the U.S. with positive action to start the week, but not enough to change the conversation yet. Weekly export inspections were a little softer at 670,608 metric tons. The May soybean chart support is the lower Bollinger Band at $8.82, with resistance the 20-day at $8.96, which we are above at midday. WHEAT Wheat trade is 4 to 7 cents lower overnight with broad weakness as trade struggling to find gains with little fresh wheat specific news. Weather threats for the Plains remain limited with mostly warmer short-term weather after the recent rain and snow. Kansas City is at an 73-cent discount to Chicago on the May, with choppy action so far while Minneapolis plus 2 vs. the May with the March going into delivery at an 18 cent discount. World export business has been quieter in recent days. Weekly export inspections were stronger at 654,097 metric tons. The May Kansas City chart support is the $4.39 low with resistance the lower Bollinger Band at $4.48. 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 (AG) Copyright 2020 DTN/The Progressive Farmer. All rights reserved.