DTN Midday Grain Comments 05/03 10:46

DTN Midday Grain Comments 05/03 10:46 Corn, Soybeans, Wheat Higher by Midday Friday Corn trade is 2 to 3 cents higher. Beans are 5 to 7 cents higher and wheat trade is 11 to 25 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday with the S&P 50 points higher. The dollar index is 30 points lower. The interest rate products are firmer. Energies have crude .40 cent lower and natural gas .07 cent higher. Livestock trade is mostly higher with cattle leading. Precious metals are mixed with gold down $6.40. CORN: Corn is 2 to 3 cents higher at midday with trade pressing through nearby resistance levels with broad strength in ags to start Friday, but we have started to see spreads and momentum soften. Ethanol margins have narrowed with corn rebounding and unleaded struggling with better spring demand needed to boost production ideas. Near-term weather looks to keep rain chances in play for much of the belt into next week with planting progress likely slower in many areas with cooler temps for many as well. The daily wire was quiet again today. 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 at $4.48 is nearby support with the fresh higher at 4.68 the next level of resistance. SOYBEANS: Soybeans are 5 to 7 cents higher at midday with trade pushing past $12 upfront again with meals leading to the product complex starting to ease at midday again after the big early strength. Meal is $3 to $4 higher and oil is 5 to 15 points higher. 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 saw 122,000 metric tons of soybeans sold to unknown. Planting progress is likely slow due to rains but there is plenty of window at this point before major concerns would show up. July soybean futures have resistance at the $12.40 recent high. Chart support is at the 20-day moving average at $11.77 which we moved back above at midweek. WHEAT: Wheat trade is 11 to 25 cents higher with winter wheat action leading as we move back to the upper end of the range after the midweek struggles with broad ags buying this morning and spillover support from European prices surging again. The Plains will see seasonal to above-normal temps to push the crop along with better overall rain chances into the next week with the west the least favored, while Black Sea forecasts have dried a bit again short term. The dollar continues to drift lower with MATIF wheat sharply higher to close the week. On the KC July Chart support is the 20-day at $6.07, 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.