DTN Midday Grain Comments     05/06 10:50

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

   Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 
5 to 6 cents lower; wheat futures are flat to 7 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 
5 to 6 cents lower; wheat futures are flat to 7 cents higher. The U.S. stock 
market is weaker with the S&P 20 points lower. The U.S. Dollar Index is 40 
points lower. The interest rate products are mixed. Energy trade is sharply 
higher with crude 2.40 higher and natural gas .07 higher. Livestock trade is 
mostly higher with cattle leading. Precious metals are firmer with gold up 
82.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with firmer spread action 
returning as trade works to bounce off the lower end of the range after the 
broad selling Monday. Ethanol margins are getting a boost from the rebound in 
energies but will need sustained improvement to drive production. Warmer 
weather into midmonth should keep planters rolling with drier weather. We were 
40% planted versus 39% on average on Monday's USDA Crop Progress report and 11% 
emerged versus 9% on average. 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 $4.80 
is resistance with support the lower Bollinger Band at $4.57, which we are just 
below at midday with $4.50 the next level of support beyond that.

SOYBEANS:

   Soybean futures are 5 to 6 cents lower at midday with soft product action 
limiting upside with little other fresh news. Meal is 1.00 to 2.00 lower and 
oil is 45 to 55 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 planting at 30% versus 23% on average in USDA's report 
and 7% versus 5% average emerged. Basis will likely find a little better 
short-term action with fieldwork picking up. On the July chart, support is the 
20-day moving average at $10.46, which we are just below at midday, with the 
Upper Bollinger Band at $10.78 the next round up.

WHEAT:

   Wheat futures are flat to 7 cents higher with Chicago leading at midday 
after crop progress came in as expected and trade works to ease the persistent 
oversold conditions with the weaker dollar. Hard red wheat areas are expected 
to get a boost from warmer weather with good moisture for the Southern Plains 
expected in the short term. Weekly crop progress showed 51% good-to-excellent 
conditions, 2 points better, with 18% poor to very poor with 39% headed versus 
33% on average, with spring wheat planting at 44% versus 34% on average, and 
emergence at 13% versus 9%. MATIF wheat is rebounding off the lows as well 
despite the firmer euro. On the KC July chart, resistance is the 20-day moving 
average at $5.55 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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