DTN Midday Grain Comments 05/27 11:07

DTN Midday Grain Comments 05/27 11:07 Corn, Soybeans Higher at Midday; Wheat Mixed Trade is slightly 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 down 40 points. The interest rate products are higher. The dollar index is 38 points higher. Energies are mostly mixed with crude down 0.10. Livestock trade is mostly higher. Precious metals are mixed with gold down $7.60. CORN Corn trade is 1 to 4 cents higher at midday with trade edging to near highs on light buying this morning. Ethanol margins are softer going into the weekend with corn at multi-month highs while energy values setting back slightly. Wet weather will slow planting progess on the last 10% with prevent plant dates passed in many areas, while the warmer weather this week should bolster growth. The USDA also announced 130,000 metric tons sold to unknown with export business continuing to be solid. On the July chart the 10-day at $3.99 is support with the 20-day at 3.89 the next level, with resistance at the $4.11 1/4 high. SOYBEANS Soybean trade is flat to 5 cents higher at midday with trade only seeing a dime range so far. Meal is $7 to $8 lower and oil is 30 to 40 points higher. Soybean planting will be slowed again by rains throughout much of the belt with drier weather on the way next week for many areas. The USDA announced 110,000 of new crop soybeans, and 100,000 of new-crop soymeal sold to China. On the July soybean chart the 10.98 high is now resistance, with $10.72, the 10-day moving average as first support. WHEAT Wheat trade is narrowly mixed across the three contracts at midday with trade being somewhat quiet today with sideways action with support from row crops and pressure from the firmer dollar. World weather remains good with only isolated areas of concern, with warmer weather to help boost maturity in the winter wheat belt with more severe weather possible with this week's storms damaging the crop in various areas of Kansas. The July Kansas City contract is back above the 10-day and 20-day moving aveages at $4.53. Major support remains at the $4.41 contract low. The 50-day at $4.68 is resistance. 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.