DTN Midday Grain Comments 05/15 11:11

DTN Midday Grain Comments 05/15 11:11 Corn, Wheat Lower at Midday Soybeans are the leader at midday with corn and wheat struggling. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are higher with the Dow futures up 80. The interest rate products are lower. The dollar index is 39 lower. Energies are higher with crude higher 1.40. Livestock trade is sharply lower, and hogs mixed. Precious metals are higher with gold $5.60 higher. CORN Corn trade are 2 to 3 cents lower with trade staying rangebound to open the week with the crop progress report today providing direction along with updated weather forecasts, with some two sided action at times this morning. Ethanol margins will see a benefit if the crude spike tied to further OPEC output cuts is sustained. The weekly crop progress report is expected to show planting near 2/3 complete, and emergence catching up with the warmer and sunnier weather in much of the belt last week. Export inspections were strong at 1.395 million metric tons. The July chart support is at the $3.69 20-day then the $3.60 3/4 4-month low. Resistance is at the $3.74 100-day moving average. SOYBEANS Soybean trade is 3 to 6 cents higher at midday with soybeans looking to stem the tide of the softer action seen last week with demand adding support ahead of the crush report this morning. Meal is $1 to $2 higher and oil is 15 to 25 points higher. South American competition for export bushels should remain strong the in near term with currency trade having more of an impact on Brazilian farmers. Weekly crop progress should show planting near the average pace, with the weekly export inspections were softer at 281,465 metric tons. July beans slipped below the 20-day at $9.65 which becomes resistance, then the 10-day at $9.70, which were are challenging at midday. Chart support is now at the $9.50 1-month low then the $9.41 early April low. WHEAT Wheat trade is 3 to 11 cents lower at midday with wheat testing the lower end of the range ahead of the weekly crop reports. Forecasted wet weather could cause further damage to much of the winter wheat belt with disease being a major issue while the effects of the winter storm continue to present themselves, with good recovery noted in some areas. The warmer temps fading by the end of the week should keep maturity closer to normal after the fast start to the year. World weather will continue to be watched with Russia and China gaining more focus coming forward with China especially warm and dry. The crop progress is expected to show conditions slightly lower, with maturity just above normal, while spring wheat should be closing the gap with planting and emergence. Weekly export inspections were strong at 691,226 metric tons. On the July Kansas City contract support is the 20-day at $4.37 which we are below at midday then the $4.11 contract low. The 50-day at 4.45 is nearby chart resistance then the $4.49 10-day. 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.