DTN Midday Grain Comments 03/28 11:11

DTN Midday Grain Comments 03/28 11:11 Corn, Beans Higher at Midday Row crops are lightly positive at midday, with wheat lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed with the Dow 25 points lower. The interest rate products are firmer. The dollar index is 40 points higher. Energies are lower with crude down 55 cents. Livestock trade is mostly lower. Precious metals are lower with gold off $19. CORN Corn trade is flat to 1 cent higher in quiet midday trade with more position squaring likely ahead of the report tomorrow. For the report, 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 futures has declined below $1.39 with light selling this morning. Export sales were in line with recent week at 904,500 metric tons of old crop, and 84,300 metric tons of new crop were posted on the weekly sales. On the May chart support is the 20-day at $3.71 1/2 with resistance at the 100-day at $3.83. SOYBEANS Soybean trade is 2 to 3 cents higher at midday with trying to rebuild footing after the washout yesterday. Meal is $1.00 to $2.00 higher and oil is 10 to 20 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. Argentina harvest remains at its peak with plenty of bushels flowing out of South America. The weekly export sales were poor at 181,000 metric tons, meal was 85,300 metric tons, and 11,700 of oil. On the May chart support is the $8.71 Halloween low / six month low. The $9.02 3/8 10-day is nearby resistance then the $9.09 200-day. WHEAT Wheat trade is 4 to 6 cents lower at midday with spread action pretty flat at midday. There is no real supply side concern with no big turn in our export program expected, although weekly sales were decent at 457,700 metric tons of old crop, and 35,400 metric tons of new, along with 120,000 metric tons of soft red wheat to Egypt, and 150,000 metric tons of hard red wheat sold to Iraq. 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 Kansas City chart, trade has edged below the 20-day at $4.40 with the lower Bollinger Band as support at $4.25. 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.