DTN Midday Grain Comments 05/15 10:58

DTN Midday Grain Comments 05/15 10:58 Corn, Beans Higher at Midday Corn is 1 to 2 cents higher, soybeans are 2 to 3 cents higher, and wheat is narrowly mixed. David Fiala,DTN Contributing Analyst The U.S. stock market is lower with the Dow 150 points lower. The dollar index is 13 lower. Interest rate products are weaker. Energies are firmer with crude $1.25 higher. Livestock trade is mixed with cattle leading. Precious metals are mixed with gold up $13.00. CORN Corn trade is 1 to 3 cents higher at midday with range-bound trade continuing along with little fresh news and position squaring into the weekend. The ethanol margins should remain stable with demand continuing to edge higher short term with futures holding around $1.09. Warmer weather should return later this week with rain staying in the forecast for much of the central part of the belt. Basis has been stable in recent days. On the July contract support is the lower Bollinger Band at $3.08, and resistance the 20-day at 3.18, which we are just above at midday. SOYBEANS Soybean trade is 2 to 3 cents higher at midday with trade finding light buying again with the real gaining slightly vs. the dollar as well as trade looking to see if any further purchases by China show up with nothing on the daily wire today. Meal is flat to $1.00 higher, and oil is 20 to 30 points higher. South America continues to move along harvest wise with strong shipments out of Brazil likely to continue unless port issues redevelop. The July soybean chart support is the lower Bollinger Band at $8.29, with resistance the 20-day at $8.42, which we tested earlier in the session. WHEAT Wheat trade is narrowly mixed at midday with little fresh news as the weather remains mixed, and the dollar holds near the upper side of the range. Russia and Europe look to have mostly average rainfall near term with France and Germany drier near term, and some reductions in production estimates by local sources. Kansas City is at a 49-cent discount to Chicago on the July with slightly narrower action today, while Minneapolis is back to a 6 cent premium. The July Kansas City chart support is the $4.50 area, with the lower Bollinger Band at $4.61 as resistance. 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.