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DTN Midday Grain Comments     05/30 10:49

   Corn, Soybean, Wheat Futures Lower at Midday

   Corn futures are 5 to 6 cents lower; beans are 1 to 3 cents lower and wheat 
trade is 10 to 17 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower; beans are 1 to 3 cents lower and wheat 
trade is 10 to 17 cents lower. The U.S. stock market is weaker at midday with 
the S&P 25 points lower. The dollar index is 40 points lower. The interest rate 
products are firmer. Energies have crude .50 lower and natural gas .08 lower. 
Livestock trade is weaker with cattle being the downside leader. Precious 
metals are weaker with gold off 1.00.

CORN:

   Corn futures are 5 to 6 cents lower at midday with action fading from light 
early gains to fade into the next level of support with firmer spread action. 
The weekly ethanol report saw production jump by 48,000 barrels per day with 
stocks down sharply by 1.068 million barrels with record exports reported. 
Storms will likely slow the tail end of planting as they work through today 
with a more open forecast into next week. South America is expected to see 
little short-term change for the drier double-crop areas. Basis action should 
continue to remain mostly sideways. Weekly export sales are delayed until 
tomorrow with expectations of 600,000 to 750,000 metric ton range with the 
Holiday with daily wire quiet. On the July chart, the 20-day at $4.61 is now 
resistance after we faded below it today with the Lower Bollinger Band as 
support at $4.50 which we are testing at midday.

SOYBEANS:

   Soybean futures are 1 to 3 cents lower at midday with trade working to 
consolidate after the midweek with product action fading again at midday. Meal 
is 2.00 to 3.00 lower and oil is 40 to 50 points lower. South America should be 
able to push more bushels into export channels coming into June as the recent 
issues resolve themselves a bit. The daily wire remained quiet with weekly 
sales expected to be in the 200,000 to 300,000 metric ton range. Planting 
should be set for a better finish as the forecast opens up into the first week 
of June after today's rains. Basis should remain steady with crush margins 
still limiting run rates. The July Chart resistance is at the 20-day moving 
average at $12.26 which we faded through then the 12.00 area nearby.  

WHEAT:

   Wheat futures are 10 to 17 cents lower with Chicago wheat the downside 
leader after the early session attempt to rebound faded as longs take profit 
and wait for further developments in weather. Weather looks to be wet for the 
southern plains through today with activity lingering into next week which 
should slow early harvest while helping the further north acres finish with 
spring wheat planting wrapping up soon. The dollar is back to the middle of the 
range with MATIF milling wheat extending its break towards the end of the 
session. The short-term forecast shows little change for the Black Sea growing 
areas which should limit the downside short term. Weekly export sales are 
expected to be in the 300,000 to 450,000 metric ton range. On the KC July Chart 
support is the 20-day at $6.84, with the fresh high as 7.46 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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