DTN Midday Grain Comments 03/29 11:29

DTN Midday Grain Comments 03/29 11:29 Beans, Wheat Lower at Midday Grain trade is mixed in slow pre-report action. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are firmer at midday with the Dow futures up 240 points. The interest rate products are lower. The dollar index is 3 points higher. Energies are firmer with crude 0.50 higher. Livestock trade is mostly lower. Precious metals are mixed with gold down $3. CORN Corn trade is 1 to 2 cents higher at midday with light buying showing ahead of the report. Early fieldwork looks to remain slow for the bulk of the belt, especially for the Mississippi Delta and Ohio Valley. Ethanol margins should remain positive in the near term with better usage for Easter travel. The weekly export sales were good at 1.353 million metric tons of old crop and 287,000 of new. The average trade guess for 2018 U.S. Planted Corn acreage is 89.4 million acres. March 1 Quarterly stocks expected to be equal to or 100 million greater than the 8.621 billion bushel figure a year ago. On the May chart we slipped below the 200-day moving average at $3.78 1/2, with trade finishing just below the 50-day at $3.74 1/2. Notable support is at last week's low at $3.69 1/2. SOYBEANS Soybean trade is 2 to 5 cents lower at midday with trade scraping along the lower end of the range. Meal is $0.50 to $1.50 lower, and oil is 5 to 15 points lower. The market continues to expect lower production estimates for Argentina with their growing season nearly complete. Now the focus is moving toward the U.S. growing season and acreage. The trade is looking for a 91-million-acre planting-intentions number here at ll. The range of estimates is 89.9-92.6 million. The quarterly soybean stocks will be a reminder of the large old-crop stocks; the trade is expecting a March 1 number just above 2 billion bushels versus the 1.739 billion bushel March 1 2017 number. The weekly export sales were disappointing at 317,500 metric tons of old crop beans, 69,700 of new, meal was 184,100, and oil was 34,600, with the daily wire having 266,500 to unknown. On the May contract, support is the 100-day at $10.07 with resistance at the 50-day at 10.43. WHEAT Wheat trade is 2 to 4 cents lower at midday with trade chopping along the lower end of the range ahead of the report, with oversold conditions going into the report. Some rains moved through the Southern Plains, but the forward forecast looks to keep dryness intact especially for western Kansas, with the forecast moving action east overnight. The weekly export sales were improved at 353,800 metric tons of old, and 121,800 metric tons of new crop. Looking to Thursday the March 1 wheat stocks should be around 1.475-1.5 billion bushels versus 1.657 billion a year ago. The winter wheat acreage is expected to be at 32.6 million acres with spring at 13.1-13.5 million; with total wheat acreage around 46 million acres. On the May Kansas City, wheat support is the fresh low at $4.57, with the 10-day at $4.83 chart resistance. 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 2018 DTN/The Progressive Farmer. All rights reserved.