DTN Midday Grain Comments     05/18 10:53

   Corn, Wheat Futures are Higher at Midday Monday, Soybeans Lower

   Corn futures are 18 to 20 cents higher at midday Monday; soybean futures are 
34 to 36 cents lower; wheat futures are 13 to 24 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 18 to 20 cents higher at midday Monday; soybean futures are 
34 to 36 cents lower; wheat futures are 13 to 24 cents higher. The U.S. stock 
market is weaker at midday with the S&P 30 points lower. The U.S. Dollar Index 
is 15 points lower. The interest rate products are weaker. Energy trade is 
firmer with crude up 1.50 and natural gas up .06. Livestock trade is mostly 
lower with live cattle leading. Precious metals are mixed with gold off 19.00.

CORN:

   Corn futures are 18 to 20 cents higher at midday with confirmation of China 
ag purchasing targets coming out this weekend from the White House to help 
boost trade and better rains for much of the Corn Belt. Ethanol margins will 
narrow a little if corn holds the rebound, but unleaded remains at the top of 
the range for blenders. Weekly export inspections were a bit disappointing at 
1.379 million metric tons (mmt) with year-to-date pace at 128%. Basis likely 
continues to hold the recent range for now. Cooler weather after the recent 
rains will slow remaining planting and emergence this week. Weekly crop 
progress is likely to remain solidly ahead of the 5-year average Monday 
afternoon. On the July chart, support is the lower Bollinger Band at $4.56 with 
resistance the 20-day moving average at $4.71 that we are back above at midday.

SOYBEANS:

   Soybean futures are 34 to 36 cents higher at midday with meal leading the 
product complex after the China announcements. Meal is 4.00 to 5.00 higher and 
oil is 175 to 185 points higher. South America will continue control the 
short-term export market post-harvest with fresh China commitments expected to 
be in new crop. Basis should remain flat with crush margins holding the range. 
Weekly export inspections were rangebound at 483,881 metric tons (mt) with 
year-to-date pace at 78%. Planting and emergence will slow in the short-term, 
but should remain ahead of pace on the weekly report. On the July chart, 
support is the lower Bollinger Band at $11.60 with resistance the 20-day moving 
average at $11.92, where we find the 20-day moving average, which we have 
bounced back above at midday.

WHEAT:

   Wheat futures are 13 to 24 cents higher with Chicago action leading as we 
bounce back from testing support on the late-week washout with spillover 
support from row crops. Warmer weather should return with early wheat harvest 
to roll soon with rains likely too late to boost potential much on the Plains. 
On Monday's Crop Progress report, maturity is likely well ahead of the 5-year 
average and conditions steady for winter wheat, with spring wheat in line with 
average with more open weather in the north. Matif wheat is firmer to start as 
well. Weekly export inspections were soft at 223,972 mt with year-to-date pace 
at 111%. On the KC July chart, support is the 20-day moving average at $6.86, 
which we held just above, 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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