DTN Midday Grain Comments     05/14 10:49

   Corn, Soybean, Wheat Futures All Lower at Midday Thursday

   Corn futures are 14 to 15 cents lower at midday Thursday; soybean futures 
are 44 to 45 cents lower; wheat futures are 19 to 25 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 14 to 15 cents lower at midday Thursday; soybean futures 
are 44 to 45 cents lower; wheat futures are 19 to 25 cents lower. The U.S. 
stock market is sharply higher at midday with the S&P 65 points higher. The 
U.S. Dollar Index is 30 points higher. The interest rate products are firmer. 
Energy trade is flat with crude off .20 and natural gas up .01. Livestock trade 
is mixed with cattle leading. Precious metals are weaker with gold off 14.00.

CORN:

   Corn futures are 14 to 15 cents lower at midday with broad ag weakness as 
the China summit has yet to show any conclusive developments for trade. Ethanol 
margins are improving with the corn pullback. Weekly export sales were soft at 
684,800 metric tons (mt) old crop and 400 mt of new. Basis likely continues to 
hold the recent range for now. Open weather and temps edging back higher after 
Thursday should support planting through midmonth with rains expected for many 
this weekend. On the July chart, support is the 20-day moving average at $4.71, 
which we are below at midday, with the fresh high at $4.87 1/2 as resistance.

SOYBEANS:

   Soybean futures are 44 to 45 cents lower at midday with soft spread action 
and no fresh bullish proclamations from the summit so far with broad product 
weakness. Meal is 7.50 to 8.50 lower and oil is 105 to 115 points lower. South 
America will continue control the short-term export market post-harvest with 
trade looking for fall commitments for China purchases from the U.S. if 
progress can be made. Basis should remain flat with crush margins mostly 
holding. The daily export wire saw 252,000 mt sold to unknown destinations. 
Weekly sales were very soft at 102,100 mt of old crop; 80,800 mt of new; 
344,200 mt of old-crop meal; 3,500 mt of of new meal; -600 of oil. Planting and 
emergence should roll along. On the July contract, chart support is $11.97, 
where we find the 20-day moving average, which we are below at midday, and 
resistance is the contract high at $12.40.

WHEAT:

   Wheat futures are 19 to 25 cents lower at midday with KC the downside leader 
as we continue to ease overbought conditions despite the ongoing crop losses on 
the Plains. Warmer weather will likely hold this week with better rains 
expected next week for many. Matif wheat is weaker as well. Weekly export sales 
were OK at 133,500 mt old crop and 221,200 mt of new. Black Sea area weather 
continues to show little short-term change. On the KC July chart, support is 
the 20-day moving average at $6.84 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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