DTN Midday Grain Comments     05/21 10:52

   Corn, Soybean, Wheat Futures All Higher at Midday

   Corn futures are 4 to 6 cents higher at midday Wednesday; soybean futures 
are 10 to 12 cents higher; wheat futures are 8 to 10 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 6 cents higher at midday Wednesday; soybean futures 
are 10 to 12 cents higher; wheat futures are 8 to 10 cents higher. The U.S. 
stock market is mixed with the S&P 10 points lower. The U.S. Dollar Index is 60 
points lower. The interest rate products are weaker. Energy trade is weaker 
with crude .30 lower and natural gas .04 lower. Livestock trade is mixed. 
Precious metals are firmer with gold up 30.00.

CORN:

   Corn futures are 4 to 6 cents higher at midday with spread action remaining 
softer as we move back toward nearby resistance levels with broad buying across 
the ags so far. The weekly ethanol report showed production 43,000 barrels per 
day (bpd) higher, with stocks 500,000 barrels lower. Remaining planting 
progress will be slowed by cooler and wetter weather through the weekend for 
most. Weekly export sales are expected to be in the 600,000 to 900,000 metric 
ton (mt) range Thursday. Basis continues to hold the recent range. Double crop 
in Brazil continues to develop with little issue. On the July chart, the 20-day 
moving average at $4.59 is resistance, which we are testing at midday, with 
support the recent low at $4.36 1/2.

SOYBEANS:

   Soybean futures are 10 to 12 cents higher at midday with trade pushing past 
nearby resistance with broad overall product strength. Meal is .50 to 1.50 
higher and oil is 45 to 55 points higher. South American harvest pressure will 
continue to fade as it hits the homestretch. Planting will be slowed by 
near-term rains and cooler weather into next week. Basis should remain sideways 
short term. Weekly export sales are expected to be in the 300,000 to 500,000 
mt. On the July chart, resistance is the 20-day moving average at $10.54, which 
we are solidly above at midday, with the Lower Bollinger Band at $10.33 as 
support.

WHEAT:

   Wheat futures are 8 to 10 cents higher at midday with buying continuing 
after we pushed past nearby resistance Tuesday with the cheaper dollar and some 
world weather concern returning to support short-covering. The hard red wheat 
areas are expected to see near-normal moisture for the balance of the month 
with spring wheat areas plenty wet into the end of the month. MATIF wheat is 
solidly higher as well despite the firmer euro. Weekly export sales are 
expected to be in the 300,000 to 450,000 mt range. On the KC July chart, 
support is the 20-day moving average at $5.30, which we pushed above Tuesday, 
with the Upper Bollinger Band at $5.53 the next level of resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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