DTN Midday Grain Comments 03/29 11:14

DTN Midday Grain Comments 03/29 11:14 All Grains Lower at Midday Trade is lower across the board ahead of the report. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are firmer with the Dow 125 points higher. The interest rate products are firmer. The dollar index is 6 points higher. Energies are firmer with crude up 70 cents. Livestock trade is mixed. Precious metals are firmer with gold up $3. CORN Corn trade is 2 to 3 cents lower at midday with early two-sided trade turning lower during the day session. 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 in selling this week. Basis has turned steady to lower with logistics still a challenge in many areas. Rain will likely keep early fieldwork on hold. On the May chart support is the 20-day at $3.71 7/8 with resistance at the 100-day at $3.82 7/8. SOYBEANS Soybean trade is 1 to 2 cents lower at midday with early gains fading despite confirmation of 816,000 metric tons old crops soybeans sold to China. Meal is flat to $1.00 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. On the May chart support is the $8.71 Halloween low / six-month low. The $9.01 1/2 10-day is nearby resistance then the $9.09 200-day. WHEAT5 Wheat trade is 4 to 6 cents lower at midday with selling ahead of the big numbers expected on the report. The dollar remains at the upper end of the range, but we continue to book more export sales with another 150,000 metric tons 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 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.