DTN Midday Grain Comments 05/16 11:17

DTN Midday Grain Comments 05/16 11:17 Wheat, Beans Lower at Midday Corn is mixed, beans and wheat lower in slow midday action. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 130 points. The interest rate products are lower. The dollar index is 15 points lower. Energies are higher with crude up $1.20. Livestock trade is higher. Precious metals are higher with gold up $4. CORN Corn trade is narrowly mixed at midday with the trade mulling over the cold temps over the weakend. U.S. weather looks to keep planting slower the first part of the week before warmer temperatures show up. Ethanol margins should see improvement with the firm crude trade and flat corn. Ethanol is a dime discout to unleaded which is toward the high side of the year. Crop progress is expected to show planting progress in the 74-77% complete range with emergence slightly ahead of average. The weekly export inspections were solid at 1.11 million metric tons. On the July chart support is at the 200-day moving average at $3.84 1/2 with the 20-day at $3.84. Resistance is around $3.95 then $4.07 which are the May high and the 6-month high respectively. SOYBEANS Soybean trade is 2 to 5 cents lower at midday with trade fairly defensive during the day trade. Meal is $3 to $4 lower and oil is 25 to 35 points higher. Outside markets are offering support with crude near a 6-monh high. Brazilian political issues will continue to be watched with the ongoing impeachment proceedings. Planting progress should be around normal on the weekly progress report this afternoon. The weekly export inspections were 194,627 metric tons remaining fairly soft. Resistance on July beans is at the $10.91 high post report, then $11. Support is at the $10.50 10-day then the $10.35 20-day, giving trade a pretty wide range between support and resistance. WHEAT Wheat trade is 2 to 5 cents lower at midday with trade giving back some of the gains from the end of the week in quiet trade. The dollar remains in the upper end of the recent range, with export business expected to remain limited. World weather remains mostly good with only isolated areas of concern so far. The weekly progress report is expected to show improvement for winter wheat, and spring wheat may get its first condition report today with the rapid planting progress. Weekly export inspections were softer at 367,881 metric tons. The July Kansas City chart has support at the $4.52 10-day which we are testing this morning, and the 20-day at $4.67 is the next round up, with further support at $4.41, the low from last week. 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.