DTN Midday Grain Comments 05/24 11:17

DTN Midday Grain Comments 05/24 11:17 All Grains Higher at Midday Grains are higher across the board at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the DOW futures up 210 points. The interest rate products are higher. The dollar index is 25 points higher. Energies are mostly higher with crude up 0.70. Livestock trade is sharply lower for cattle and mixed for hogs. Precious metals are mixed with gold down $17.00. CORN Corn trade is 1 to 3 cents higher at midday with trade backing away from early strength at midday while staying above the overnight lows with support coming from more old crop buying with better demand surfacing. Ethanol margins remain stable with energy values holding at the top of the range for the year with the ethanol/unleaded spread narrowing again. Corn basis is expected to remain steady to firmer this week. The weekly crop progress report showed planting at 86% complete vs. 90 last year and 85% on average, a little below expectations, with 60% emerged vs. 69% last year, 55% on average. Wet weather will slow planting progess but warmer temperatures should help development this week. 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 flat to 7 cents higher with trade storming back from overnight weakness with values 20 cents off the overnight lows. Meal is $4 to $5 higher and oil is 10 to 20 points higher. The front months have gained vs the back months, and the direction of that trade will be watched closely today with front month demand staying sold. Soybean planting will be slowed again by rains through midweek but warmer temperatures should benefit planted acres. Planting progress was 56% complete same as last year, vs. 52% on average, with 22% emerged vs. 27% last year, and 21% on average. The USDA announced 140,000 metric tons of soybeans sold to unknown for new crop. On the chart, July trade is back above the the 20-day at 10.52 at midday with the 50-day at $9.85 the next round support if weakness resurfaces. The 10-day is resistance at 10.70. WHEAT Wheat trade is 1 to 6 cents higher across the three contracts at midday with row crops providing spillover support this morning. World weather remains good with only isolated areas of concern, with warmer weather to help boost maturity in the winter wheat belt. Heavy rains have caused some isolated damage in the plains overnight and this morning. Feed wheat looks to remain competitively priced. The US export picture remains bleak in the near term. The weekly crop progress report showed winter wheat unchanged at 62% good to excellent, 8% poor to very poor with 75% headed 9% ahead of average. Spring wheat was 95% planted, 18% ahead of normal, with 78% emerged, 27% ahead of normal with 76% good to excellent, and 2% poor to very poor. The July KC 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.