DTN Midday Grain Comments     05/11 10:58

   Corn, Soybean, Wheat Futures All Higher at Midday Monday

   Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are 5 
to 7 cents higher; wheat futures are 8 to 12 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Monday; soybean futures are 5 
to 7 cents higher; wheat futures are 8 to 12 cents higher. The U.S. stock 
market is firmer at midday with the S&P 22 points higher. The U.S. Dollar Index 
is 2 points lower. The interest rate products are weaker. Energy trade is 
firmer with crude up 2.20 and natural gas up .15. Livestock trade is sharply 
higher. Precious metals are firmer with gold up 12.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday as we work back toward the 
top of the range heading to the WASDE report Tuesday, along with the China 
summit this week. On the report, trade is looking for old-crop carryout at 
2.145 billion bushels (bb) and new crop at 1.923 bb on the first look for the 
year. Ethanol margins should firm a little if unleaded continues to drift 
higher. The daily export wire saw 388,000 metric tons sold to Mexico and 
128,000 metric tons sold to South Korea. Weekly export inspections were solid 
at 1.690 million metric tons (mmt) with year-to-date pace holding at 130%. 
Basis likely continues to hold the recent range into the start of May. Open 
weather and temps edging back higher after Monday should support planting 
through midmonth. The weekly Crop Progress report is expected to show planting 
and emergence solidly ahead of the 5-year average. On the July chart, support 
is the 20-day moving average at $4.66, which we bounced off of, with the fresh 
high at $4.87 1/2 as resistance.

SOYBEANS:

   Soybean futures are 5 to 7 cents higher at midday with November trade 
touching a fresh high overnight with meal leading the product complex heading 
to the report and the summit. Meal is 5.00 to 6.00 higher and oil 80 to 90 
points lower. On the report, trade is looking for 347 million bushels (mb) of 
old-crop carryout and 355 mb of new. South America will continue to have the 
advantage in the world export market in the short term ahead of the U.S./China 
summit next week. Basis should remain flat with crush margins mostly holding. 
Weekly export inspections were rangebound at 655,294 metric tons with 
year-to-date pace at 77%. Planting and emergence should pick up through this 
week as the weather warms. The weekly Crop Progress report is expected to show 
planting and emergence well above average. On the July contract, chart support 
is $11.89, where we find the 20-day moving average, and resistance is the 
contract high at $12.40.

WHEAT:

   Wheat futures are 8 to 12 cents higher at midday with trade working to 
extend the bounce from support seen Friday with warmer weather likely to push 
winter wheat maturity this week with a wetter second week expected. Weekly crop 
progress is likely to show steady conditions with maturity well above average. 
Spring wheat areas look drier for the balance of the remaining planting window. 
The weekly Crop Progress report is expected to show planting and emergence just 
ahead of average. Matif wheat is firmer to start. On the report, trade is 
looking for old-crop carryout at 934 mb and new-crop at 833 mb. Weekly export 
inspections were solid at 511,346 metric tons with year-to-date pace at 113%. 
Black sea area weather continues to show little short-term change. On the KC 
July chart, support is the 20-day moving average at $6.69, 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




(c) Copyright 2026 DTN, LLC. All rights reserved.