DTN Midday Grain Comments     05/16 14:01

   Corn, Wheat Futures Lower at Midday; Soybeans Higher

   Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 1 
to 3 cents higher; wheat futures are 6 to 11 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday on Friday; soybean futures are 
1 to 3 cents higher; wheat futures are 6 to 11 cents lower. The U.S. stock 
market is mixed with the S&P 6 points higher. The U.S> Dollar Index is 25 
points higher. The interest rate products are firmer. Energy trade is mixed 
with crude .50 higher and natural gas unchanged. Livestock trade is mostly 
higher. Precious metals are weaker with gold off 44.00.

CORN:

   Corn futures are 3 to 4 cents lower with early strength fading and spread 
action flat to softer as we fade back to the lower end of the range. Ethanol 
margins look rangebound into the weekend with corn and unleaded holding just 
off the recent lows. Weather looks to remain open toward the weekend with 
planting and emergence to keep moving along before broad rains expected into 
early next week. Basis should remain fairly sideways near term. Double crop in 
Brazil continues to develop with little issue. On the July chart, the 20-day 
moving average at $4.64 is resistance with support the fresh low at $4.36 1/2.

SOYBEANS:

   Soybean futures are 1 to 3 cents higher with two-sided action so far Friday 
as we work to stabilize after the Thursday washout as we reacted to the 
biodiesel mandate leaks. Meal is 4.00 to 5.00 lower and oil is 3 to 45 points 
higher. South American harvest pressure should continue to ease. Warmer weather 
should boost planting pace and emergence into midmonth. Basis should remain 
sideways short term. On the July chart, support is the 20-day moving average at 
$10.53, which we are testing at midday, with the fresh high at $10.82 as 
resistance.

WHEAT:

   Wheat futures are 6 to 11 cents lower with selling returning as we ease back 
toward oversold conditions with little fresh news to encourage buyers going 
into the weekend along with the firmer dollar to limit upside. The hard red 
wheat areas are expected to see OK short-term weather, but follow-up moisture 
might be limited with spring wheat areas still fairly wet into next week. MATIF 
wheat is weaker as well. On the KC July chart, resistance is the 20-day moving 
average at $5.34 with the next level of support the fresh low at $5.00 1/4.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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