DTN Midday Grain Comments     05/05 10:48

   Corn, Soybean Futures Lower at Midday; Wheat Flat-Lower

   Corn futures are 8 to 9 cents lower at midday Monday; soybean futures are 7 
to 8 cents lower; wheat futures are flat to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 8 to 9 cents lower at midday Monday; soybean futures are 7 
to 8 cents lower; wheat futures are flat to 7 cents lower. The U.S. stock 
market is mixed with the S&P 20 points lower. The U.S. Dollar Index is 35 
points lower. The interest rate products are weaker. Energy trade is mixed with 
crude 1.70 lower and natural gas .03 higher. Livestock trade is mostly higher 
with cattle scoring fresh highs again. Precious metals are firmer with gold up 
77.00.

CORN:

   Corn futures are 8 to 9 cents lower at midday with trade fading back to the 
lower end of the range in risk-off trade to start the week with little other 
fresh news. Ethanol margins continue to struggle with unleaded holding at the 
lower end of the range. Warmer weather into midmonth should keep planters 
rolling ahead of the average pace with drier weather expected into midmonth 
especially for the east, with emergence likely to be above average along with 
planting pace. Weekly export inspections were solid at 1.608 million metric 
tons (mmt), keeping year-to-date pace at 133%. Basis should remain fairly 
sideways near term. Double-crop weather in Brazil should continue to allow for 
good crop development. On the July chart, the 20-day moving average at $4.82 is 
resistance with support the lower Bollinger Band at $4.63, which we are below 
at midday.

SOYBEANS:

   Soybean futures are 7 to 8 cents lower at midday with trade chopping just 
off the recent highs with meal leading the product complex so far. Meal is flat 
to 1.00 higher and oil is 55 to 65 points lower. South America shows little 
short-term change as remaining harvest continues to wind down. Warmer weather 
should boost planting pace and emergence with both likely to be just ahead of 
the 5-year average on the weekly report Monday afternoon. Weekly export 
inspections were softer at 324,101 metric tons (mt) with year-to-date pace at 
111%. Basis will likely remain sideways into the end of the month. On the July 
chart, support is the 20-day moving average at $10.44, with the Upper Bollinger 
Band at $10.78 the next round up.

WHEAT:

   Wheat futures are flat to 7 cents lower at midday with quieter action after 
the strong close to the week with oversold conditions still in place for now 
along with negative spillover from outside markets. The hard red wheat areas 
are expected to get a boost from warmer weather after recent moisture with 
weekly crop progress likely to show better conditions and above average 
development, with spring wheat planting and emergence remaining ahead of 
average as well. MATIF wheat is fading back to the lower end of the range as 
well with the stronger euro. Weekly export inspections were softer at 310,326 
mt, with year-to-date pace holding at 114%. On the KC July chart, resistance is 
the 20-day moving average at $5.57 with the next level of support the fresh low 
at $5.26.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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