DTN Midday Grain Comments 03/27 11:46

DTN Midday Grain Comments 03/27 11:46 Grains Trading Lower at Midday Trade continues to drift lower at midday despite a weak dollar. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 100 points. The interest rate products are higher. The dollar index is 60 points lower. Energies are mixed with crude down $0.30. Livestock trade is lower. Precious metals are mixed with gold up $7. CORN Corn trade is 1 to 2 cents lower at midday with the light early buying giving way to light selling during the day session with a lack of fresh news and spillover pressure. Wet weather looks to hinder field work in the US, along with wetter than desired weather in Argentina causing some issues. Ethanol margins are steady to soft, and weekly export inspections remained strong at 1.556 million metric tons. Basis will likely remain steady this week as well with pre-planting movement ongoing, and some areas of isolated strength showing up. Lower prices are expected to lower planted acreage as well which is why we have a hard time being negative next week, and do expect some volatility on Friday around the two big USDA numbers: the March Planting Intentions and March Quarterly Grain Stocks report. On the May chart support is at the $3.52 late December low. Resistance is the 10-day at $3.61. SOYBEANS Soybean trade is 2 to 5 cents lower at midday with trade testing the lows again after some initial positive action overnight. Meal is $1 to $2 lower and oil is 10 to 20 points lower. Ideas of big soybean acreage, a rising South American crop size and chart pressure continue to limit buying enthusiasm. Harvest should continue to move along well in Brazil with Argentina seeing some near term excessive wetness. The weekly export inspections were ok seasonally at 555,012 metric tons. On the May soybean chart nearby support is hard to identify. The one-year low is at $9.37 1/4. Resistance is at the 10-day and lowest major moving average at $9.97. WHEAT Wheat trade is 2 to 8 cents lower at midday with trade continuing to see pressure from the wetter forecast promoting growth on the southern plains along with continued burdensome supply situation. The dollar is sharply lower but that has not added much support so far. Warmer weather should continue to push growth along as well with development likely already solidly ahead of normal. The weekly export inspections remained solid at 541,799 metric tons. On the May Kansas City contract support is at the low printed today at $4.21, with resistance at the 100-day at $4.45. 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 Fiala on Twitter @davidfiala (ES) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.