DTN Midday Grain Comments     05/19 10:52

   Corn, Wheat Futures Higher at Midday; Soybeans Flat-Higher

   Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 
flat to 2 cents higher; wheat futures are 2 to 7 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 
flat to 2 cents higher; wheat futures are 2 to 7 cents higher. The U.S. stock 
market is weaker with the S&P 20 points lower. The U.S. Dollar Index is 85 
points lower. The interest rate products are weaker. Energy trade is mixed with 
crude .20 higher and natural gas .19 lower. Livestock trade is mostly higher. 
Precious metals are firmer with gold up 48.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with early gains and firmer 
spread action softening a bit during the day session as we continue to 
consolidate. Ethanol margins are under a little pressure to start with corn 
firming and unleaded softer. Rains will slow remaining planting, but the weekly 
report should show planting and emergence well above the 5-year average, with 
initial good to excellent ratings likely to reflect a general good start. 
Weekly export inspections were very strong at 1.719 million metric tons (mmt) 
with year-to-date pace running at 129%. Basis should remain fairly sideways 
near term. Double crop in Brazil continues to develop with little issue. On the 
July chart, the 20-day moving average at $4.62 is resistance with support the 
recent low at $4.36 1/2.

SOYBEANS:

   Soybean futures are flat to 2 cents higher at midday with trade continuing 
to chop along nearby resistance levels with oil leading the product complex. 
Meal is flat to 1.00 lower and oil is 30 to 40 points higher. South American 
harvest pressure should continue to ease. Planting will be slowed by near-term 
rains with planting and emergence remaining well ahead of the 5-year average 
this afternoon. Weekly export inspections were soft at 217,842 metric tons (mt) 
with year-to-date pace at 111%. Basis should remain sideways short term. The 
daily export wire saw 145,000 mt of meal sold to Philippines. On the July 
chart, support is the 20-day moving average at $10.54, which we are trading 
just below at midday, with the fresh high at $10.82 as resistance.

WHEAT:

   Wheat futures are 2 to 7 cents higher with light short-covering returning 
after the Friday pullback with spring wheat leading action so far with support 
from the weaker dollar. The hard red wheat areas are expected to see 
near-normal moisture for the balance of the month with spring wheat areas 
plenty wet for now. Weekly crop progress is likely to show steady conditions 
and above-average development pace, with spring wheat planting and emergence 
solidly ahead of the 5-year average. MATIF wheat is weaker with the euro 
strength limiting upside. Weekly export inspections were OK at 423,785 mt with 
year-to-date pace at 116%. On the KC July chart, resistance is the 20-day 
moving average at $5.32 with the next level of support the fresh low at $5.00 
1/4.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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