DTN Midday Grain Comments 05/08 11:47

DTN Midday Grain Comments 05/08 11:47 Corn, Beans Higher at Midday Corn is 3 to 4 cents higher, soybeans are 9 to 10 cents higher, and wheat is mixed. David Fiala,DTN Contributing Analyst The U.S. stock market is firmer with the Dow 370 points higher. The dollar index is 30 lower. Interest rate products are mixed. Energies are firmer with crude $0.50 higher. Livestock trade is mostly lower. Precious metals are mixed with gold down $9.00. CORN Corn trade is 3 to 4 cents higher at midday with broad commodity strength this a.m. again with oversold conditions easing, along with trade optimism. The ethanol margins remain stable with futures consolidating above $1.00 this week, and getting nearer to $1.10, while unleaded is well off of its lows. Weather should remain a non-issue for now with planters rolling in many areas still, with many done with corn with some concerns about cold area on early emerged crops. Basis has been stable this week. On the July contract support is the lower Bollinger Band at $3.08, and resistance the 20-day at 3.22, which we are testing at midday. SOYBEANS Soybean trade is 8 to 10 cents higher at midday with trade able to shake off the fresh lows in the ral as South American harvest pressure fades. Meal is 2.00 to 3.00 higher and oil is 40 to 50 points. South America continues to move along harvest wise with strong shipments out of Brazil likely to continue after a record April along with the currency advantage. Continued planting progress is likely in most areas. USDA announced 120,000 metric tons sold to unknown. The July soybean chart support is the 20-day at $8.43, and resistance the upper Bollinger Band at $8.60. WHEAT Wheat trade is 2 cents lower to 4 cents higher at midday with support from the broad buying this a.m., along with Minneapols action the firmest this AM. 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, while colder weather to the east could raise some issues. Kansas City is at a 42-cent discount to Chicago on the July with steady action overnight, while Minneapolis has narrowed back out to a nickel. The dollar is just below 100 on the index with the strong start to the week. The July Kansas City chart support is the lower Bollinger Band at $4.70, with resistance the 20-day at $4.87. 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.