DTN Midday Grain Comments     05/07 10:47

   Corn, Soybean, Wheat Futures All Lower at Midday Thursday

   Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 
9 to 11 cents lower; wheat futures are 10 to 21 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are 
9 to 11 cents lower; wheat futures are 10 to 21 cents lower. The U.S. stock 
market is mixed at midday with the S&P 10 points higher. The U.S. Dollar Index 
is 15 points lower. The interest rate products are weaker. Energy trade is 
mixed with crude off 3.15 and natural gas up .06. Livestock trade is mixed with 
hogs leading. Precious metals are firmer with gold up 68.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with broad selling continuing 
as we ease overbought conditions and see spillover pressure from energies. 
Ethanol margins look to remain stable in the short term even with blender 
margins easing as corn pulls back. The daily export wire was quiet again with 
weekly sales still solid at 1.36 million metric tons (mmt) of old crop and 
122,700 metric tons (mt) of new. 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 with moisture 
overall somewhat limited into midmonth. On the July chart, support is the 
20-day moving average at $4.66, which we have edged below at midday with the 
fresh high at $4.87 1/2 as resistance.

SOYBEANS:

   Soybean futures are 9 to 11 cents lower at midday with trade falling back 
into support levels as well as oil fading further from the highs. Meal is flat 
to 1.00 higher and oil is 135 to 145 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 still 
soft at 141,900 mt old crop, 5,500 mt new with meal at 312,100 mt old crop, and 
23,700 mt new with 1,000 mt of oil. 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, which we are just below at midday, and 
resistance is the contract high at $12.40.

WHEAT:

   Wheat futures are 10 to 21 cents lower with KC the downside leader as we 
follow row crops back to support levels with the broad commodity selling this 
morning. The western Plains are expected to see a wetter second week with the 
spring wheat areas remaining on the drier side. Matif wheat is weaker as well. 
Black sea area weather continues to show little short-term change. Weekly 
export sales stayed rangebound at 78,800 mt of old crop, and 187,500 mt of new. 
On the KC July chart, support is the 20-day moving average at $6.66 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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