DTN Midday Grain Comments 05/03 11:12

DTN Midday Grain Comments 05/03 11:12 Grains Mixed at Midday Trade is narrowly mixed at midday with soybeans higher, corn flat and wheat lower. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow 30 lower. The interest rate products are lower. The dollar index is 12 higher. Energies are mixed with crude unchanged. Livestock trade is mostly higher. Precious metals are lower with gold $8.60 lower. CORN Corn trade is flat to 2 cents higher at midday with chopping along while trade waits for the next round of weather forecasts. The weather forecast is more open for the western part of the belt with the east expected to catch more rains in the flooded area near term. The weekly ethanol report showed production down 1,000 barrels per day, and stocks were down 56,000 barrels. Corn basis is expected to remain steady in the near term with some potential pressure from farmer movement as fieldwork slows. The July chart support is the gap at $3.69, which is also where we find the 10,20, and 200-day moving averages, with resistance now the fresh high at $3.79 with the winter high at $3.92 above that. SOYBEANS Soybean trade is flat to 2 cents higher at midday with trade holding mild gains at midday. Meal is $1.50 to $2.50 higher and oil is flat to 10 points lower. Slow corn planting could shift some acres back to beans and that could help to limit upside in the near term. Basis has remained fairly steady with good nearby demand. Strong movement is expected to continue from South America in the near term as the harvest wraps up. July soybean chart support is the 10-day at $9.63, and the 20-day at 9.60, with resistance the 50-day at 9.93. WHEAT Wheat trade is flat to 9 cents lower with active trade at midday with the Kansas wheat tour moving into the storm damaged areas today with mixed findings on the extent of the damage so far with more time needed to reveal the health of the wheat. Weather looks to warm back up and drier out for much of the west in the near term, with cold air potentially threatening the soft winter wheat in the near term. World weather will become more of an issue with some concerning conditions in Europe and Russia coming forward. The dollar is just above the 99 level on the index. On the July Kansas City contract support is the 200-day at 4.55 with the gap at 4.43 below that, and resistance the recent high at $4.74. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.