DTN Midday Grain Comments 03/07 11:24

DTN Midday Grain Comments 03/07 11:24 Grains Trending Lower at Midday Trade is drifting lower at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower at midday with the Dow futures down 150 points. The interest rate products are mixed. The dollar index is 15 points higher. Energies are lower with crude down 0.60. Livestock trade is mixed. Precious metals are lower with gold up 10.40. CORN Corn trade is narrowly mixed at midday with trade putting in a fractionally higher trade early in the session. The weekly ethanol report showed production and stocks slightly higher with ethanol futures edging higher at midday as overall driving demand remains strong. Double-crop areas in Brazil look to build some moisture in the coming days, will keep planting remaining behind normal. Argentine weather remains tough which remains one of the most talked about subjects preventing selling as the end of the growing season draws near. The daily wire has been quiet to start the week for exports. On the May chart support is at the 200-day at $3.80 1/2 that we were able to close above last week, with resistance becoming the $3.88 high heading towards the report on Thursday. SOYBEANS Soybean trade is 3 to 9 cents lower at midday drifting lower at midday. Meal is $3 to $4 lower and oil is 30 to 40 points lower. The weather pattern is bringing some rain to parts of Argentina with Brazil remaining mostly the same. Crush margins are at near record levels as we see crush capacity get maxed out domestically, but meal has started to struggle with fresh supplies emerging from South America. The daily wire was quiet today. On the May contract, support is the 10-day moving average at $10.60, with resistance the $10.82 1/2, which is the six-month high scored Friday. wheat Wheat trade is flat to 5 cents lower at midday with two sided trade continuing again today. Plains weather continues to be stressful with wind taxing the already short moisture conditions. The dollar index remains in the 89.5 range 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 remain around $208 a ton. On the May Kansas City wheat support is at the 10-day at $5.20, 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.