DTN Midday Grain Comments 03/27 11:30

DTN Midday Grain Comments 03/27 11:30 Grains Trending Lower at Midday Midday grain trade is lower with limited fresh supportive news. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are weaker with the Dow 190 points lower. The interest rate products are firmer. The dollar index is 10 points higher. Energies are lower with crude down 75 cents. Livestock trade is mostly lower. Precious metals are lower with gold off $3. CORN Corn trade is 4 cents lower at midday with outside market pressure and limited fresh supportive news. We have nearly given back all the gains seen since Friday. This is the market moving into pre-report trade ahead of the big annual March Planting Intentions report on Friday along with the March 1 Quarterly stocks. The average trade guess is for the 2019 planting intentions to be at 91.184 million acres versus 89.129 last year; the range of expectations is 90-92.2 million. The March 1 corn stocks are expected to be at 8.336 billion bushels versus 8.892 one year ago. Ethanol production was off 2.9% as expected on the weekly report that has contributed to the negative tone today. On the May chart support is the 20-day at $3.71 1/2 with resistance at the 100-day at $3.83 3/8. SOYBEANS Soybean trade is 12 cents lower at midday with a weak midday tone, we are trading at a new four-month low. Meal is $6 lower and bean oil is a few points lower. The soybean 2019 planting intentions are expected to be at 86.2 million acres down from 89.196 a year ago. The March 1 stocks are expected to be a record 2.687 billion bushels versus 2.109 one year ago. The big stocks expectations are noted for longs exiting the market in pre-report position squaring. Crush margins remain strong to support domestic usage, with basis mostly flat that should improve with the slipping board. On the May chart, support is the $8.71 Halloween low / six-month low. The $9.03 10-day is nearby resistance then the $9.10 20-day. WHEAT Wheat trade is fractionally lower at midday after a mixed morning. Spillover pressure from row crops and outside markets is limiting the mild recovery in wheat prices that we have seen the past few weeks. There is no real supply-side concern with no big turn in our export program expected. Flooding and wet conditions are a concern, and may limit production, but also winter wheat acres are starting the spring with the best aggregate moisture situation in years. Looking to Friday, the trade is looking for spring wheat acreage to be at 13.369 million acres versus 13.2 one year ago; the range of expectations is 12.6 to 13.9 million acres. The March 1 wheat stocks are expected to be at 1.543 billion bushels versus 1.495 billion one year ago. On the May KC chart support is the 20-day at $4.40 with the upper Bollinger Band noted resistance at $4.55. 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 2019 DTN/The Progressive Farmer. All rights reserved.