DTN Midday Grain Comments 05/13 11:15

DTN Midday Grain Comments 05/13 11:15 Mixed Grain Trade at Midday Corn and wheat higher at midday, while soybeans are lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are mixed, with the DOW futures down 5. The interest rate products are lower. The dollar index is 65 points higher. Energies are lower with crude down $.35. Livestock trade is lower. Precious metals are higher with gold up $1. CORN Corn trade is 1 to 2 cents higher at midday with trade finding some light buying during the day session. US weather looks cooler and wetter in the near term which should be mildly supportive with slower planting and growth into the middle of next week. Brazil remains fairly dry in the near term, which should support export business from the US. Basis has been fairly stable to firmer this week. Ethanol margins remain fairly stable today with ethanol and unleaded hanging together in the upper end of the range, albeit a little weaker overnight. On the July chart we are back above the 200-day moving average at $3.85, with the 20-day at $3.83 below that, with the $4.00 area of resistance. SOYBEANS Soybean trade is 5 to 10 cents lower at midday with volatile trade continuing with momentum turning lower from the report day with trade trying to consolidate. Meal is $1 to $2 lower and oil is flat to 10 points lower. Crush margins have seen pressure from a big slide in oil prices after big export sales announced earlier in the week. The USDA announced 420,000 metric tons of soybeans sold to unknown split between old and new crop. Resistance on July beans is at the $10.91 high post report, then $11. Support is at the $10.48 10-day then the $10.30 20-day, giving trade a pretty wide range between support and resistance. WHEAT Wheat trade is 4 to 8 cents higher across the three contracts at midday with some profit taking vs recent shorts. The dollar is sharply higher this morning, which should limit buying enthusiasm. World weather for wheat remains mostly non-threatening for the moment with growing optimism in about conditions in Russia. The July Kansas City chart has resistance at the $4.53 10-day which we moved through this morning, and the 20-day at $4.68 is the next round up. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered trading adviser. David Fiala can be reached at dfiala@futuresone.com Follow David Fiala on Twitter @davidfiala (BAS) Copyright 2016 DTN/The Progressive Farmer. All rights reserved.