DTN Midday Grain Comments     05/26 10:49

   Corn, Soybean, Wheat Futures All Lower at Midday Tuesday

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

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 5 
to 6 cents lower; wheat futures are 6 cents lower to 4 cents higher. The U.S. 
stock market is mixed at midday with the S&P 45 points higher. The U.S. Dollar 
Index is flat. The interest rate products are firmer. Energy trade is mixed 
with crude off 2.20 and natural gas up .05. Livestock trade is mixed with 
feeder cattle leading. Precious metals are mixed with gold off 16.00.

CORN:

   Corn futures are 3 to 4 lower at midday with action moving back to the lower 
end of the range as trade looks to ceasefire optimism and waits for further 
weather developments. Ethanol margins are narrowing a little as unleaded eases. 
Weekly export inspections were solid at 1.582 million metric tons (mmt) with 
year-to-date pace at 128%. Basis continues to hold the recent range for now. 
Weather looks warmer and drier for most into early June. Weekly crop progress 
should remain ahead of average on planting and emergence with first conditions 
likely to be relatively good. On the July chart, the 20-day moving average at 
$4.72 is resistance, with the recent low at $4.56 as support from there.

SOYBEANS:

   Soybean futures are 5 to 6 cents lower at midday with meal the downside 
leader in products with overall rangebound action continuing to start the week. 
Meal is 1.00 to 2.00 lower and oil is 15 to 25 points higher. South America 
will continue to move post-harvest bushels on to the world market with trade 
looking for new-crop sales for the U.S. Basis should remain flat with crush 
margins holding the range. Weekly export inspections were OK at 571,620 metric 
tons with year-to-date pace at 79%. Planting should finish quickly with the 
more open weather. The weekly crop progress report is expected to show planting 
and emergence well ahead of average with the first condition report likely next 
week. On the July contract, chart resistance is the 20-day moving average at 
$12.01, with support the lower Bollinger Band at $11.76.

WHEAT:

   Wheat trade is 6 cents lower to 4 cents higher with spring wheat leading at 
midday as we try to consolidate above nearby support. Some storms may slow 
early harvest but winter wheat conditions will likely continue to decline 
overall with maturity well above normal with spring wheat seeing short term 
dryness with planting wrapping up and emergence inline with average. Matif 
wheat is firmer after Monday weakness. Weekly export inspections were soft at 
368,455 metric tons with YTD pace at 110%. On the KC July Chart resistance is 
the 20-day at $6.96 with the recent low at $6.70 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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