DTN Midday Grain Comments 05/06 11:11

DTN Midday Grain Comments 05/06 11:11 All Grains Lower at Midday Corn is 3 to 4 cents lower, soybeans are 5 to 6 cents lower, and wheat was 3 to 7 cents lower. David Fiala,DTN Contributing Analyst The U.S. stock market is mixed with the Dow 5 points lower as active trade continues. The dollar index is 40 higher. Interest rate products are lower. Energies are weaker with crude $1.20 lower. Livestock trade is weaker. Precious metals are mostly lower with gold down $20.00. CORN Corn trade was 3 to 4 cents lower at midday with trade fading from early strength again with little fresh news and negative spillover from other commodities. The ethanol report showed production 67,000 barrels higher, with stocks down 725,000 barrels as gasoline demand improves. Weather should remain a non-issue for now with planters rolling in many areas still, with many done with corn. Basis faded to end last week with sideways action likely to continue. On the July contract support is continuous chart low at 3.00 1/2, and resistance the 20-day at 3.23. SOYBEANS Soybean trade is 4 to 6 cents lower with trade working lower as the dollar gains vs. the ral again overnight, along with little other fresh news. Meal is mixed and oil is 40 to 50 points lower. South America continues to move along harvest wise with strong shipments out of Brazil likely to continue after a record April. Continued planting progress is likely in most areas. The July soybean chart support is the lower Bollinger Band at $8.25, with resistance the 20-day at $8.46 which we faded below yesterday. WHEAT Wheat trade is 3 to 8 cents lower at midday with the recent pattern of weaker overnight continuing into the day session. The western plains will continue to look to see how the crop recovers from the April freezes, along with Europe and Russia progress with the near term showers. Kansas City is at a 41-cent discount to Chicago on the July with wider action at midday, while Minneapolis has narrowed back to 8 cents. The dollar is above 100 on the index with the strong start to the week. The July Kansas City chart support is the lower Bollinger Band at $4.71, with resistance the 20-day at $4.88. (SK) David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered adviser. He can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2020 DTN, LLC. All rights reserved.