DTN Midday Grain Comments     05/08 10:52

   Corn, Wheat Lower at Midday; Soybeans Higher

   Corn futures are 5 to 6 cents lower at midday Thursday; soybean futures are 
3 to 4 cents higher; wheat futures are 3 to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Thursday; soybean futures are 
3 to 4 cents higher; wheat futures are 3 to 7 cents lower. The U.S. stock 
market is firmer with the S&P 45 points higher. The U.S. Dollar Index is 55 
points higher. The interest rate products are weaker. Energy trade is mixed 
with crude 1.50 higher and natural gas .04 lower. Livestock trade is mostly 
higher. Precious metals are weaker with gold down 35.00.

CORN:

   Corn futures are 5 to 6 cents lower with fresh lows for the move being found 
as early strength evaporated again with oversold conditions deepening. Ethanol 
margins will find support from the corn pullback, but blender margins remain 
tight even with some life in unleaded Thursday. Warmer weather into mid-month 
should keep planters rolling with broader rain coverage the second week. The 
daily wire saw sales of 115,000 metric tons (mt) to unknown, and 205,000 mt to 
Mexico with weekly sales strong at 1.663 million metric tons (mmt). Basis 
should remain fairly sideways near term. Double crop weather in Brazil 
continues to have few issues as we get deeper into the growing season. On the 
July chart, the 20-day at $4.77 is resistance with support the fresh low at 
$4.42 3/4.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with negative spillover 
from corn and wheat dragging trade back from the initial broader gains. Meal is 
flat to 1.00 lower and oil is 90 to 100 points higher. South American weather 
will remain conducive to harvest progress. Warmer weather should boost planting 
pace and emergence into mid-month. Basis will likely find a little better 
short-term action if crush can recover further. The daily wire saw 225,000 
metric tons (mt) of new crop sold to Pakistan with weekly sales still soft at 
376,700 mt old crop, 111,900 mt of meal, and 14,600 mt of oil. On the July 
chart, resistance is the 20-day at $10.49, which we faded below on Wednesday 
with the lower Bollinger Band at $10.35 as support.

WHEAT:

   Wheat futures are 3 to 7 cents lower with oversold conditions persisting as 
fresh lows coming in as we follow corn lower, along with the firmer dollar. The 
hard red wheat areas are expected to get a boost from warmer weather with good 
moisture for the Southern Plains into mid-month, along with near-term 
improvement in the Black Sea expected. MATIF wheat is weaker as well. Weekly 
export sales showed improvement with 69,700 metric tons (mt) of old crop and 
493,000 mt. On the KC July Chart, resistance is the 20-day at $5.50 with the 
next level of support the fresh low at $5.22.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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