DTN Midday Grain Comments     05/19 10:50

   Soybean, Wheat Futures Higher at Midday Tuesday; Corn Flat-Lower

   Corn futures are flat to a penny lower at midday Tuesday; soybean futures 
are 2 to 3 cents higher; wheat futures are 2 to 5 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to a penny lower at midday Tuesday; soybean futures 
are 2 to 3 cents higher; wheat futures are 2 to 5 cents higher. The U.S. stock 
market is weaker at midday with the S&P 230 points lower. The U.S. Dollar Index 
is 25 points higher. The interest rate products are weaker. Energy trade is 
mixed with crude off .90 and natural gas up .06. Livestock trade is mostly 
higher with feeder cattle leading. Precious metals are weaker with gold off 
60.00.

CORN:

   Futures are flat to a penny lower at midday with action holding Monday's 
move toward the upper end of the range with little other fresh news. Ethanol 
margins will narrow a little if corn holds the rebound but unleaded remains at 
the top of the range for blenders' margins. Basis continues to hold the recent 
range for now. Cooler weather after the recent rains will slow remaining 
planting and emergence this week. The weekly Crop Progress report showed 
planting at 76% versus 70% on average and 39% emerged versus 37% on average. On 
the July chart, support is the 20-day moving average at $4.71, which we closed 
back above Monday, with the recent high at $4.87 1/2 as resistance above the 
market.

SOYBEANS:

   Soybean futures are 2 to 3 cents higher at midday with trade consolidating 
the Monday surge on U.S. statements about China ag purchases with meal products 
consolidating as well. Meal is flat to 1.00 lower and oil is flat to 10 points 
lower. South America will continue control the short-term export market 
post-harvest with fresh China commitments expected to be in new crop. Basis 
should remain flat with crush margins holding the range. Planting and emergence 
remain ahead of average at 67% versus 53% and 32% versus 23%, respectively. On 
the July contract, chart support is the 20-day moving average at $11.92, where 
we find the 20-day moving average, with resistance the contract high at $12.40.

WHEAT:

   Wheat futures are 2 to 5 cents higher at midday with Minneapolis leading as 
we continue to rebound off the lows. Continued condition declines add support 
as we get closer to early harvest with some acres being cut in Oklahoma/Texas. 
Warmer weather should return into the next week with rains likely too late to 
boost potential much on the Plains. Heading is at 71% versus 58% average; good 
to excellent is at 27%, down one percentage point, and 43% poor to very poor. 
Spring wheat is 73% planted versus 66% on average and 39% emerged versus 34% on 
average with more open weather in the north. Matif wheat is lightly higher. On 
the KC July chart, support is the 20-day moving average at $6.91, which we held 
just above, with the fresh high at $7.50 as resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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