DTN Midday Grain Comments     05/02 11:06

   Corn, Soybean Futures Higher at Midday; Wheat Mixed

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
16 to 18 cents higher; wheat futures are 3 cents lower to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
16 to 18 cents higher; wheat futures are 3 cents lower to 3 cents higher. The 
U.S. stock market is firmer at midday with the S&P 18 points higher. The U.S. 
Dollar Index is 10 points lower. The interest rate products are mixed. Energies 
are narrowly mixed. Livestock trade is mostly higher with cattle leading. 
Precious metals are mixed with gold unchanged.

CORN:

   Corn futures are 3 to 4 cents higher at midday with trade pressing back to 
nearby resistance levels. Midweek buying is continuing with action just off the 
highs of the day. Ethanol margins have narrowed with corn rebounding and 
unleaded struggling with better spring demand needed. Near-term weather keeps 
rain chances in play for much of the Corn Belt into next week with planting 
progress likely slower in many areas. Weekly export sales were a bit softer at 
758,500 metric tons (mt) old crop and 33,700 mt new. The recent patterns in 
South America continue with some short-term dryness for double-crop corn areas 
along with excess rain causing disease issues in other first-crop areas. On the 
July chart, the 20-day moving average at $4.46 is nearby support, which we 
bounced from, with the recent high at $4.60 the next level of resistance.

SOYBEANS:

   Soybean futures are 16 to 18 cents higher at midday with trade again testing 
the nearby resistance levels. Meal is rebounding sharply again with the 
volatile action likely to continue in the immediate term, while oil works back 
from contract lows. Meal is 10.00 to 11.00 higher and oil is 15 to 25 points 
lower. South American bushels should continue to attract the most export 
attention as harvest rolls on in South America with excess rains hindering some 
areas. The daily wire was quiet with weekly sales mixed with 414,000 mt old 
crop; 7,000 mt new; 131,000 old meal and 3,400 new; and 7,200 oil. Planting 
progress, will likely slow with the rains but there is plenty of window at this 
point before concerns would show up. The July soybean futures have support at 
the $11.40 recent low. Chart resistance is at the 20-day moving average at 
$11.76, which we are back above at midday.  

WHEAT:

   Wheat futures are 3 cents lower to 3 cents higher with trade consolidating 
after the early week pullback with spring wheat the leader so far. The Plains 
will see seasonal to above normal temps to push the crop along with better 
overall rain chances into the next week and some better coverage in parts of 
the Plains the last few days. Black Sea forecasts have dried a bit again in the 
short term. The dollar is solidly off the highs post-Fed with MATIF wheat 
edging higher after May Day. Weekly export sales were in line with recent weeks 
at -20,300 mt old crop and 406,900 mt new. On the KC July chart, support is the 
20-day moving average at $6.04, with the fresh high at $6.64 as further 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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