DTN Midday Grain Comments     05/06 10:46

   Corn, Soybean, Wheat Futures All Lower at Midday Wednesday

   Corn futures are 10 to 11 cents lower at midday Wednesday; soybean futures 
are 19 to 20 cents lower; wheat futures are 10 to 15 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 10 to 11 cents lower at midday Wednesday; soybean futures 
are 19 to 20 cents lower; wheat futures are 10 to 15 cents lower. The U.S. 
stock market is sharply higher at midday with the S&P 85 points higher. The 
U.S. Dollar Index is 45 points lower. The interest rate products are firmer. 
Energy trade is sharply lower with crude off 7.25 and natural gas off .08. 
Livestock trade is mixed with feeder cattle leading. Precious metals are firmer 
with gold up 144.00.

CORN:

   Corn futures are 10 to 11 cents lower at midday with apparent ceasefire 
progress helping to fuel selling with trade just above the overnight lows. 
Weekly ethanol production was 9,000 barrels per day higher, and stocks were 
100,000 barrels higher on the week. The daily export wire was quiet again with 
weekly sales expected to be in the 700,000 to 900,000 metric ton (mt) range 
Thursday. Basis likely continues to hold the recent range into the start of 
May. Open weather and temps edging back higher after today should support 
planting across much of the Corn Belt. On the July chart, support is the 20-day 
moving average at $4.66 with the fresh high at $4.87 1/2 as resistance.

SOYBEANS:

   Soybean futures are 19 to 20 cents lower with the broad selling taking us 
back toward the lows of the session. Meal is 1.00 to 2.00 lower and oil is 195 
to 205 points lower. South America will continue to have the advantage in the 
world export market. Basis should remain flat to softer in the near term. The 
daily wire stayed quiet with weekly sales expected in the 200,000 to 400,000 mt 
range. Planting and emergence should pick up into next week as the weather 
clears. On the July contract chart, support is $11.89, where we find the 20-day 
moving average, and resistance is the contract high at $12.40.

WHEAT:

   Wheat futures are 10 to 15 cents lower at midday with row crop pressure 
spilling over as we fade further from the highs short term and wait for further 
short-term developments in weather and world events. The western Plains are 
expected to see further short-term rain potential before a warmer pattern 
returns to push maturity while spring wheat planting should move ahead with 
drier conditions. Matif wheat is sharply lower. Black sea area weather 
continues to show little short-term change. Weekly export sales are expected to 
be in the 250,000 to 450,000 mt range. On the KC July chart, support is the 
20-day moving average at $6.62 with the fresh high at $7.18 1/2 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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