DTN Midday Grain Comments 05/23 11:15

DTN Midday Grain Comments 05/23 11:15 All Grains Lower at Midday Soybeans are sharply lower at midday, with corn and wheat slightly lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 30 points. The interest rate products are higher. The dollar index is narrowly mixed. Energies are narrowly mixed. Livestock trade is sharply lower for cattle and lower for hogs. Precious metals are mixed with gold down $4.00. CORN Corn trade is narrowly mixed at midday with soybean weakness dragging corn lower after early gains. Planting and early crop development weather looks help the crop along this week with rains holding off Sunday night to keep progress going into Monday in many areas. Ethanol margins remain stable with energy values holding at the top of the range for the year. Corn basis is expected to remain steady to firmer this week. The weekly export inspections remain solid at 1.076 million metric tons. The weekly crop progress report is expected to show planting and emeregence ahead of normal. On the July chart the 200-day and 20-day moving averages are support at $3.86 resistance is at the $4.09 April high which is our 6-month high. SOYBEANS Soybean trade is 14 to 22 cents lower at midday with selling returning on a more open weather forecast with trade continiuing to back away from the upper end of the range with increased planting expectations and spread unwinding over all. Meal is $6.00 to $7.00 lower and oil is 30 to 40 points lower. The front-month spreads are firmer this morning but off their highs. Soybean planting should continue at strong pace to start the week ahead of more rains, with the market still trying to switch acres. The weekly export inspections were soft at 77,372 metric tons, while planting and emergence remains slightly ahead of normal. On the chart, July trade is between the 20-day at 10.51, and the 10-day at 10.72. WHEAT Wheat trade is 2 to 6 cents lower across the three contracts at midday with trade following the lead of the row crops. The dollar remains on the higher end of the range as well. World weather remains good with only isolated areas of concern, with warmer weather to help boost maturity in the winter wheat belt. Feed wheat looks to remain competitively priced. The U.S. export picture remains bleak in the near term. Weekly export inspections remain soft at 301,217 metric tons. The weekly crop progress report is expected to show conditions steady, with maturity running ahead of normal with the warmer weather this week helping to move trade along. The July Kansas City chart is trading just below the 10-day at $4.51, making support the low at $4.41. 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.