DTN Midday Grain Comments 05/26 11:07

DTN Midday Grain Comments 05/26 11:07 Grains Mixed at Midday Trade is higher for corn and wheat, soybeans making new lows. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are lower with the Dow futures down 15. The interest rate products are mostly higher. The dollar index is 20 points higher. Energies are mixed with crude up 0.30. Livestock trade is mixed. Precious metals are mixed with gold $9.80 higher. CORN Corn trade is 3 to 5 cents higher at midday with corn trying to close out another positive week going into the Holiday weekend. Crop weather will be the main market driver moving forward as trade goes into the long weekend with near term conditions remaining soggy in the east, and drier conditions building on the northern planins. Ethanol margins futures have bounced this morning but firmer corn and middling unleaded values are limiting margin gains. On the July chart support is at the $3.69- $3.70 area where we find the major moving averages clustered. Resistance is at the May $3.79 high. SOYBEANS Soybean trade is 5 to 9 cents lower at midday with continued liquidation after new lows were made. Meal is $1 to $2 lower and oil is 20 to 30 points lower. Continued long liquidation may stick around into the weekend in the absence of a major weather driver in the near term. Basis is steady to firm with the weaker futures of recent days. Chinese crush margins have turned negative, and there has been talk of canceled US Cargos weighing on the market. July beans have new support at $9.32, with resistance at 10-day moving average of $9.54. WHEAT Wheat trade is 4 to 7 cents higher at midday with firmer action developing during the day session ahead of the long weekend and broader harvest expansion. Early yields remain on the light side with poor protein. World weather will continue to gain importance with concerns about wet weather in western Canada and dry pockets elsewhere with the Dakota's now moving into drought conditions. The dollar continues to drift at the lower end of the range. On the July KC contract support is the recent low at $4.21, with the 10-day at $4.30 just below the market with the 50-day at $4.37 which we are testing at midday. 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.