DTN Midday Grain Comments 03/05 11:29

DTN Midday Grain Comments 03/05 11:29 Wheat, Soybeans Higher at Midday Soybeans and wheat lead at midday with corn flat. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher at midday with the Dow futures up 140 points. The interest rate products are mixed. The dollar index is 7 points lower. Energies are higher with crude up 1.25. Livestock trade is higher. Precious metals are mixed with gold down 0.30. CORN Corn trade is flat in quiet trade at midday with trade staying stuck near the upper end of the range. December trade remains near the contract highs as well. Ethanol margins remain positive with some narrowing as the energy complex pulls back from the recent highs with corn working higher, with ethanol futures up a penny this morning. Double crop areas in Brazil look to build some moisture in the coming days, will keep planting slow. Argentine weather remains tough which remains one of the most talked about subjects preventing selling as the end of the growing season draws near. Weekly export inspections slipped a little to 947,642 metric tons. On the May chart support is at the 200-day at $3.80 1/2 that we were able to close above Wednesday, with resistance becoming the $3.88 high heading towards the report on Thursday. SOYBEANS Soybean trade is 4 to 7 cents higher with trade shaking off the early session losses to challenge the highs at midday. Meal is narrowly mixed and oil is flat to 10 points higher. The weather pattern looks to keep Argentina dry with the first relief coming at midweek for some areas, with Brazil generally seeing ok moisture as harvest progresses. Crush margins are at near-record levels as we see crush capacity get maxed out domestically, but meal has started to struggle the last few trading sessions with another attempt to turn lower this morning. Weekly export inspections were a little disappointing at 990,113 metric tons. On the May contract, support is the 10-day moving average at $10.53, with resistance the $10.82 1/2, which is the 6-month high scored Friday. WHEAT Wheat trade is 5 to 10 cents higher with trade shaking off the overnight weakness to move back towards the highs scored on Friday. The extended forecast continues to be short on moisture the western wheat belt, with warmer temps helping the crop to exit dormancy and attempting to spur growth with arid conditions. The dollar index continues to trade right around 90 on the index. Black Sea origin values have risen on the export market, but will likely maintain their edge in the near term even as they move over $209 a ton. Weekly export inspections showed improvement at 400,937 metric tons. On the May Kansas City wheat support is at the 10-day at $5.08, with trade above all other levels of resistance for now. 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.