DTN Midday Grain Comments     05/23 10:48

   Corn, Soybean Futures Lower at Midday; Wheat Mixed

   Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 7 
to 9 cents lower; wheat futures are 3 cents lower to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Friday; soybean futures are 7 
to 9 cents lower; wheat futures are 3 cents lower to 5 cents higher. The U.S. 
stock market is weaker with the S&P 45 points lower. The U.S. Dollar Index is 
65 points lower. The interest rate products are firmer. Energy trade is firmer 
with crude .45 higher and natural gas .06 higher. Livestock trade is mixed. 
Precious metals are firmer with gold up 58.00.

CORN:

   Corn futures are 3 to 4 cents lower at midday with softer spread action as 
we fade back from the recent highs going into the Memorial Day weekend with 
outside market spillover from the renewed tariff talk versus Apple and the EU. 
Ethanol margins remain rangebound short term. Remaining planting progress will 
be slowed by cooler and wetter weather through the weekend for most. Basis 
continues to hold the recent range. Double crop in Brazil continues to develop 
with little issue. On the July chart, the 20-day moving average at $4.57 is 
support, which we have tested this morning, with $4.70 the next level up as 
resistance.

SOYBEANS:

   Soybean futures are 7 to 9 cents lower with trade pulling back this morning 
as we chop just above support heading toward the weekend with meal giving back 
the recent surge overnight. Meal is 2.00 to 3.00 lower and oil is 10 to 20 
points higher. Talk about the direction of future biodiesel policies continues 
with some of Thursday's rumored refiner exceptions being refuted. South 
American harvest pressure will continue to fade as it hits the homestretch. 
Planting will be slowed by near-term rains and cooler weather into next week 
before drier weather returns for the north. Basis should remain sideways short 
term. On the July chart, support is the 20-day moving average at $10.55, which 
we tested this morning, with the recent high at $10.82 the next round up.

WHEAT:

   Wheat futures are 3 cents lower to 5 cents higher with spring wheat leading 
at midday as trade works to consolidate further above nearby support into the 
weekend with the cheaper dollar adding support. The hard red wheat areas are 
expected to see near-normal moisture for the balance of the month with spring 
wheat areas likely to dry out a bit into June with temperatures moderating for 
now. MATIF wheat is a bit softer Friday morning with the firmer euro. On the KC 
July chart, support is the 20-day moving average at $5.29, that we pushed above 
earlier in the week, with the Upper Bollinger Band at $5.49 the next level of 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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