DTN Midday Grain Comments     05/29 10:49

   Corn, Soybean, Wheat Futures All Lower at Midday Friday

   Corn futures are 6 to 7 cents lower at midday Friday; soybean futures are 6 
to 8 cents lower; wheat futures are 10 to 13 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents lower at midday Friday; soybean futures are 6 
to 8 cents lower; wheat futures are 10 to 13 cents lower. The U.S. stock market 
is firmer at midday with the S&P 25 points higher. The U.S. Dollar Index is 20 
lower. The interest rate products are firmer. Energy trade is weaker with crude 
off 1.85 and natural gas up .04. Livestock trade is weaker across the board. 
Precious metals are firmer with gold up 85.00.

CORN:

   Corn futures are 6 to 7 cents lower at midday with continued selling toward 
the end of the month as ceasefire optimism grows and fresh bullish news remains 
in short supply. Ethanol margins are narrowing a little as unleaded eases with 
the weekly report showing production off by 21,0000 barrels per day and stocks 
up by 100,000 barrels on the week. Weekly export sales were OK at 1.02 million 
metric tons (mmt) of old crop and 618,600 mt of new. Basis continues to hold 
the recent range for now. Weather looks to keep the west wetter in the short 
term with the warm-up holding. On the July chart below is the 20-day moving 
average at $4.68 as resistance with the recent low at $4.47 as support, which 
we have tested Friday morning.

SOYBEANS:

   Soybean futures are 6 to 8 cents lower at midday with soyoil holding fresh 
highs while meal fades and broad ag selling limits upside. Meal is 3.50 to 4.50 
lower, and oil is 120 to 130 points higher. South America will continue to move 
post-harvest bushels on to the world market as harvest wraps up. Basis should 
remain flat with crush margins holding the recent range with the oil strength. 
The daily export wire saw 192,000 metric tons sold to unknown. Weekly export 
sales stayed within the recent range at 299,900 mt old crop and 137,700 mt of 
new with meal solid at 304,000 old crop and 137,300 of new with 3,400 of oil. 
Planting should wrap up with western rains to boost emergence there while open 
weather helps the center and east catch up. On the July contract chart 
resistance is the 20-day moving average at $12.02, where we find the 20-day 
moving average, with support the lower Bollinger Band at $11.74.

WHEAT:

   Wheat futures are 10 to 13 cents lower with harvest pressure continuing to 
pick up as we get more oversold up front with little other fresh news otherwise 
and less support from row crops. Some storms may slow early harvest as it moves 
north, with some spring wheat areas likely to see better short-term rains to 
aid early growth. Matif wheat is solidly lower as well. Weekly export sales saw 
807,300 mt of old crop canceled at the end of the marketing year with 1.06 mmt 
of new with rollovers. On the KC July chart, resistance is the 20-day moving 
average at $6.91 with the fresh low at $6.51 as support.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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