DTN Midday Grain Comments 05/02 11:06

DTN Midday Grain Comments 05/02 11:06 Corn, Soybean Futures Higher at Midday; Wheat Mixed Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 16 to 18 cents higher; wheat futures are 3 cents lower to 3 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 16 to 18 cents higher; wheat futures are 3 cents lower to 3 cents higher. The U.S. stock market is firmer at midday with the S&P 18 points higher. The U.S. Dollar Index is 10 points lower. The interest rate products are mixed. Energies are narrowly mixed. Livestock trade is mostly higher with cattle leading. Precious metals are mixed with gold unchanged. CORN: Corn futures are 3 to 4 cents higher at midday with trade pressing back to nearby resistance levels. Midweek buying is continuing with action just off the highs of the day. Ethanol margins have narrowed with corn rebounding and unleaded struggling with better spring demand needed. Near-term weather keeps rain chances in play for much of the Corn Belt into next week with planting progress likely slower in many areas. Weekly export sales were a bit softer at 758,500 metric tons (mt) old crop and 33,700 mt new. The recent patterns in South America continue with some short-term dryness for double-crop corn areas along with excess rain causing disease issues in other first-crop areas. On the July chart, the 20-day moving average at $4.46 is nearby support, which we bounced from, with the recent high at $4.60 the next level of resistance. SOYBEANS: Soybean futures are 16 to 18 cents higher at midday with trade again testing the nearby resistance levels. Meal is rebounding sharply again with the volatile action likely to continue in the immediate term, while oil works back from contract lows. Meal is 10.00 to 11.00 higher and oil is 15 to 25 points lower. South American bushels should continue to attract the most export attention as harvest rolls on in South America with excess rains hindering some areas. The daily wire was quiet with weekly sales mixed with 414,000 mt old crop; 7,000 mt new; 131,000 old meal and 3,400 new; and 7,200 oil. Planting progress, will likely slow with the rains but there is plenty of window at this point before concerns would show up. The July soybean futures have support at the $11.40 recent low. Chart resistance is at the 20-day moving average at $11.76, which we are back above at midday. WHEAT: Wheat futures are 3 cents lower to 3 cents higher with trade consolidating after the early week pullback with spring wheat the leader so far. The Plains will see seasonal to above normal temps to push the crop along with better overall rain chances into the next week and some better coverage in parts of the Plains the last few days. Black Sea forecasts have dried a bit again in the short term. The dollar is solidly off the highs post-Fed with MATIF wheat edging higher after May Day. Weekly export sales were in line with recent weeks at -20,300 mt old crop and 406,900 mt new. On the KC July chart, support is the 20-day moving average at $6.04, with the fresh high at $6.64 as further resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.