DTN Midday Grain Comments 05/08 10:51

DTN Midday Grain Comments 05/08 10:51 Corn, Beans and Wheat Lowe4r at Midday Wednesday Corn trade is 7 to 8 cents lower; beans are 5 to 6 cents lower and wheat trade is 12 to 18 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 3 points lower. The dollar index is 15 points higher. The interest rate products are weaker. Energies have crude .25 cent higher and natural gas .02 cent higher. Livestock trade is weaker. Precious metals are mixed with gold off $1.30. CORN: Corn is 7 to 8 cents lower at midday with trade fading back from the top of the recent range with profit taking vs. recent longs and a more open short-term forecast to push planting along. The weekly ethanol report showed production down 22,000 barrels per day, and stocks were off by 1.29 million barrels with some exports. Near-term weather should allow planting to pick back up into mid-month and boost emergence. The daily wire was quiet again with weekly sales expected to be in the 400,000 to 600,000 metric ton range tomorrow. 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 the first crop areas to the south. On the July chart, the 20-day at $4.51 is nearby support with the fresh high at 4.72 the next level of resistance. SOYBEANS: Soybeans are 5 to 6 cents lower at midday with trade seeing light profit taking from the highs as trade is a bit overbought with mixed product action after the recent rally. Meal is .50 cent to $2.50 lower and oil is flat to 10 points higher. South America will continue to push to the end of harvest with flooding still hindering some as they will remain in the fat part of their export season. The daily wire was quiet again today with weekly sales expected to be in the 200,000 to 400,000 metric ton range tomorrow with oil expected to be favored on the product side. The more open weather after the current system should help planting into mid-month. The July soybean futures have resistance at the $12.56 fresh high. Chart support is at the 20-day moving average at $11.87. WHEAT: Wheat trade is 12 to 18 cents lower at midday with trade fading back from the top of the range as we consolidate recent gains amid overbought conditions and look for further growing season developments across the northern hemisphere. The Plains should warm up a bit and dry after the recent storms, while Black Sea forecasts continue to be concerning at an early stage in the growing season. The dollar continues to hold the lower end of the recent range with MATIF wheat pulling back from the fresh highs again. Weekly export sales are expected to be in the 300,000 to 450,000 metric ton range. On the KC July Chart support is the 20-day at $6.19, with a fresh high at 6.79 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.