DTN Midday Grain Comments     05/27 10:48

   Corn, Wheat Futures Lower at Midday Wednesday; Soybeans Higher

   Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 
4 to 5 cents higher; wheat futures are 3 to 11 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 
4 to 5 cents higher; wheat futures are 3 to 11 cents lower. The U.S. stock 
market is mixed at midday with the S&P unchanged. The U.S. Dollar Index is 
flat. The interest rate products are firmer. Energy trade is mixed with crude 
off 3.10 and natural gas up .09. Livestock trade firmer with feeder cattle 
leading. Precious metals are weaker with gold off 70.00.

CORN:

   Corn futures are 2 to 3 cents lower at midday with selling returning as we 
fade back to the lower end of the range, with pressure from energies and little 
other fresh bullish news, although trade has moved off the lows. Ethanol 
margins are narrowing a little as unleaded eases despite the fade in corn with 
the weekly report delayed until Thursday. The daily export wire was quiet. 
Basis continues to hold the recent range for now. Weather looks warmer and 
drier for most into early June with weekly crop progress showing 86% planted 
versus 83% on average, and 60% emerged versus 58% on average. On the July 
chart, below is the 20-day moving average at $4.72 as resistance with the 
recent low at $4.47 as support.

SOYBEANS:

   Soybean futures are 4 to 5 cents higher at midday with meal product action 
turning higher with oil following the early lead of meal. Meal is 1.50 to 2.50 
higher and oil is 90 to 100 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. with nothing showing up yet. Basis should remain flat with 
crush margins holding the recent range. The daily wire was quiet. Planting 
should finish quickly with the more open weather, with the weekly report 
showing planting at 79% versus 68% on average, and 49% emerged versus 40% on 
average. On the July contract chart, resistance is the 20-day moving average at 
$12.02, with support the lower Bollinger Band at $11.74.

WHEAT:

   Wheat futures are 3 to 11 cents lower at midday with early harvest pressure 
and improved weather taking action back to the lower end of the recent range. 
Some storms may slow early harvest, but winter wheat conditions were down 
another 1% to 26% good to excellent, and 44% poor to very poor, with 78% headed 
versus 70% on average. Spring wheat was 86% planted versus 79% on average, and 
56% emerged versus 51% on average, with open short-term weather. Matif wheat is 
sharply lower today. On the KC July chart, resistance is the 20-day moving 
average at $6.96 with the fresh low at $6.65 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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