DTN Midday Grain Comments     05/05 10:51

   Corn, Soybean, Wheat Futures All Lower at Midday Tuesday

   Corn futures are 7 to 8 cents lower at midday Tuesday; soybean futures are 9 
to 11 cents lower; wheat futures are 14 to 16 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 7 to 8 cents lower at midday Tuesday; soybean futures are 9 
to 11 cents lower; wheat futures are 14 to 16 cents lower. The U.S. stock 
market is firmer at midday with the S&P 55 points higher. The U.S. Dollar Index 
is flat. The interest rate products are firmer. Energy trade is sharply lower 
with crude off 4.25 and natural gas off .09. Livestock trade is firmer with 
feeder cattle leading. Precious metals are firmer with gold up 58.00.

CORN:

   Corn futures are 7 to 8 cents lower at midday with broad selling as we fade 
from the fresh highs on ag contracts while we look for weather developments 
along with progress in world events to set a short-term path. Ethanol margins 
look to remain stable with blenders likely to see further gains into spring 
with the unleaded strength mostly holding. Basis likely continues to hold the 
recent range into the start of May. Open weather, but cooler conditions will 
boost planting but limit emergence. The USDA weekly Crop Progress report showed 
38% planted versus 34% on average and 13% emerged versus 9% on average. On the 
July chart, support is the 20-day moving average at $4.63 with the fresh high 
at $4.87 1/2 as resistance.

SOYBEANS:

   Soybean futures are 9 to 11 cents lower at midday with selling as trade 
pulls back from the early week strength with oil retaking the lead in the 
product complex. Meal is flat to 1.00 lower and oil is 5 to 15 points higher. 
South American availability should remain good in the near term as harvest 
winds down. Basis is expected to remain flat in the short term with exports 
remaining limited to keep overall action flat to soft. Planting pace should 
pick back up as weather opens up for many. USDA reported 33% planted versus 23% 
on average with 13% emerged versus 5% on average. On the July contract, chart 
support is $11.86, where we find the 20-day moving average, and resistance is 
the contract high at $12.40.

WHEAT:

   Wheat futures are 14 to 16 cents lower at midday with better rains 
forecasted for the western Plains again with overbought conditions encouraging 
a little long liquidation Tuesday. The western Plains are expected to see 
further short-term rains in some areas with cooling weather to limit stress a 
little in the short term. USDA reported 49% headed versus 32% on average, with 
31% good to excellent (up one percentage point) and 37% poor to very poor (up 
two percentage points). Spring wheat planting should expand more with open 
weather. Planting is at 32% versus 35% on average, and 10% emerged versus 9% on 
average with drier short-term weather there. Matif wheat is weaker. Black Sea 
area weather has held the recent pattern. On the KC July chart, support is the 
20-day moving average at $6.55 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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