DTN Midday Grain Comments     05/21 10:49

   Corn, Soybean Futures Higher at Midday Thursday; Wheat Mixed

   Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 
2 to 3 cents higher; wheat futures are 4 cents lower to 1 cent higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 
2 to 3 cents higher; wheat futures are 4 cents lower to 1 cent higher. The U.S. 
stock market is weaker at midday with the S&P 28 points lower. The U.S. Dollar 
Index is 35 points higher. The interest rate products are weaker. Energy trade 
is sharply higher with crude up 3.40 and natural gas up .03. Livestock trade is 
sharply lower. Precious metals are weaker with gold off 27.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with light buying returning 
after early weakness as we stay overall rangebound. Ethanol margins should stay 
solid with unleaded rebounding again while corn stays short of the highs. 
Weekly export sales were strong at 2.13 million metric tons (mmt) of old crop 
and 281,400 metric tons (mt) of new. Basis continues to hold the recent range 
for now. Cooler weather after the recent rains will slow fieldwork this week 
but warmer weather looks to return out of the weekend. On the July chart, below 
is the 20-day moving average at $4.72 as resistance with the recent low at 
$4.56 as support from there.

SOYBEANS:

   Soybeans are 2 to 3 cents higher in quiet midday trade with products 
tracking sideways as we look to consolidate into the weekend with little other 
fresh news. Meal is flat to 1.00 lower and oil is flat to 10 points higher. 
South America will keep the advantage on the world market in the short-term 
with trade wanting further confirmation of U.S./China business. Basis should 
remain flat with crush margins holding the range. Weekly export sales were 
mixed with 351,900 mt old-crop, 172,700 mt of new with strong meal sales at 
475,900 old and 16,400 new with 1,000 of oil. Planting will remain slow this 
week with the recent weather but should pick back up next week. On the July 
contract, chart support is the 20-day moving average at $12.01, which we are 
just above at midday, with resistance the contract high at $12.40.

WHEAT:

   Wheat futures are 4 cents lower to 1 cent higher at midday with action again 
fading back to nearby support with early harvest to expand and less spillover 
support from row crops. Warmer weather should return into the next week with 
rains likely too late to boost potential much on the Plains with spring wheat 
planting progress likely to stay ahead of pace. Matif wheat is flat Thursday 
morning. Weekly export sales held the recent range at 166,300 mt of old crop 
and 130,500 of new. On the KC July chart, support is the 20-day moving average 
at $6.96, which we are testing Thursday morning, with the fresh high at $7.50 
as resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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