DTN Midday Grain Comments     05/22 10:51

   Corn, Soybean Futures are Higher at Midday Friday; Wheat Lower

   Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 2 
to 3 cents higher; wheat futures are 1 to 5 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 2 
to 3 cents higher; wheat futures are 1 to 5 cents lower. The U.S. stock market 
is firmer at midday with the S&P 45 points higher. The U.S. Dollar Index is 6 
points higher. The interest rate products are mixed. Energy trade is mixed with 
crude up 1.40 and natural gas off .10. Livestock trade is weaker. Precious 
metals are weaker with gold off 27.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with choppy trade heading 
toward the long weekend. Ethanol margins have narrowed a little with unleaded 
fading, but remain solid. A daily export flash sale of 493,000 and 110,000 
metric tons to Mexico closes the week strong. 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, the 20-day at $4.72 is resistance with the recent low at $4.56 as 
support from there.

SOYBEANS:

   Soybean futures were 2 to 3 cents higher at midday with rangebound action 
continuing and light product strength. Meal is 2.50 to 3.50 higher and oil is 
45 to 55 points higher. South America will keep their 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. The 
daily export wire saw 252,000 metric tons of meal sold to unknown destinations. 
Planting will remain slow this week with the recent weather but should pick 
back up next week. On the July contract, support is the 20-day moving average 
at $12.01, which we are just short of at midday, with resistance the contract 
high at $12.40.

WHEAT:

   Wheat futures are 1 to 5 cents lower with action again fading back to nearby 
support levels with early harvest to expand and less spillover support from row 
crops to end the week. 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 weaker Friday 
morning. On the KC July chart, support is the 20-day moving average at $6.96, 
which we are below Friday 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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