DTN Midday Grain Comments     05/07 10:50

   Corn Futures Lower at Midday; Soybeans Higher; Wheat Flat-Lower

   Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 
1 to 2 cents higher; wheat futures are flat to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Wednesday; soybean futures are 
1 to 2 cents higher; wheat futures are flat to 7 cents lower. The U.S. stock 
market is mixed with the S&P 1 point higher. The U.S. Dollar Index is 25 points 
higher. The interest rate products are firmer. Energy trade is mixed with crude 
.40 lower and natural gas .15 higher. Livestock trade is mixed with hogs 
leading. Precious metals are weaker with gold down 32.00.

CORN:

   Corn futures are 3 to 4 cents lower with weaker spread trade as early buying 
after trade talks were announced grind lower over the course of the day 
session. Weekly ethanol production showed production off by 20,000 barrels per 
day, but still solidly ahead of the prior two years with stocks down 200,000 
barrels. Warmer weather into midmonth should keep planters rolling with broader 
rain coverage the second week. Weekly export sales are expected to be in the 
1.0 million metric ton (mmt) to 1.25 mmt range. Basis should remain fairly 
sideways near term. Double-crop weather in Brazil continues to have few issues 
as we get deeper into the growing season. On the July chart, the 20-day moving 
average at $4.79 is resistance with support the lower Bollinger Band at $4.57, 
which we are fading back below at midday.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher at midday with initial trade talk 
optimism wearing off as we fade back to support levels. Meal is 1.50 to 2.50 
higher and oil is 50 to 60 points lower. South America shows little short-term 
change as remaining harvest continues to wind down. Warmer weather should boost 
planting pace and emergence into midmonth. Basis will likely find a little 
better short-term action if crush can recover further. Weekly export sales are 
expected to be in the 300,000 to 500,000 metric ton (mt) range. On the July 
chart, support is the 20-day moving average at $10.48, which we are just below 
at midday, with the Upper Bollinger Band at $10.66 the next round up.

WHEAT:

   Wheat futures are flat to 7 cents lower with Chicago trade leading at midday 
again as we fade back from the broad overnight strength to continue to chop 
along the lower end of the range with oversold trade persisting. The hard red 
wheat areas are expected to get a boost from warmer weather with good moisture 
for the Southern Plains in the short term, along with near-term improvement in 
the Black Sea expected. MATIF wheat is edging lower as well. Weekly export 
sales are expected to be in the 250,000 to 500,000 mt range. On the KC July 
chart, resistance is the 20-day moving average at $5.53 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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