DTN Midday Grain Comments 05/10 10:44

DTN Midday Grain Comments 05/10 10:44 Corn, Beans Lower, Wheat Higher at Midday Friday Corn trade is 2 to 3 cents lower; beans are 15 to 16 cents lower and wheat trade is 7 to 10 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is mixed at midday with the S&P 2 points higher. The dollar index is 15 points higher. The interest rate products are weaker. Energies have crude .10 cent lower and natural gas off a penny. Livestock trade is mixed. Precious metals are firmer with gold up $29.50. CORN: Corn is 5 to 6 cents higher at midday with light buying with spillover support from wheat and position squaring ahead of the WASDE report release at 10 a.m. CDT. Ethanol margins should remain range-bound with unleaded holding at the lower end of the recent range to limit blender margins. Near-term weather should allow planting to pick back up into mid-month and boost emergence ahead of the next systems coming through into midmonth. On the report, trade is looking for old-crop carryout at 2.10 billion bushels and new crop at 2.284 billion bushels. The daily wire was quiet to close the week. South America has seen little change in pattern short term with production estimates still easing for Argentina. 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 3 to 4 cents higher at midday with trade working to find pre-report footing after the pullback of the last couple of sessions with overbought conditions easing ahead of the report. Meal is $1 to $2 lower and oil is 135 to 145 points higher. South America should continue to expand exports as they battle through short-term flooding and labor unrest issues. On the report, trade is looking for old crop carryout at 339 million metric tons of old crop, and 431 million of new. The daily wire was quiet today. The more open weather short term should boost planting with the east likely to remain slower. July soybean futures have resistance at the $12.56 fresh high. Chart support is at the 20-day moving average at $11.88. WHEAT: Wheat trade is 9 to 13 cents higher at midday with Chicago action leading with strong spillover support from Euro values as Black Sea weather concerns reamins the headline. The Plains should warm up a bit and dry after the recent storms with further moisture needed to finish with the eastern plains looking better, while Black Sea frost and dryness are the headlines for the moment with a lot of growing season to go. On the report, trade is looking for old crop carryout at 696 million bushels and 786 million of new crop. The dollar is holding the recent range with MATIF wheat scoring fresh highs before fading slightly. On the KC July chart, support is the 20-day at $6.27, with the 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.