DTN Midday Grain Comments 05/15 10:48

DTN Midday Grain Comments 05/15 10:48 Corn Lower, Beans Higher, Wheat Mixed at Midday Wednesday Corn trade is 2 to 3 cents lower; beans are 6 to 8 cents higher and wheat trade is narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer at midday Wednesday with the S&P 45 points higher. The dollar index is 55 points lower. The interest rate products are firmer. Energies have crude and natural gas narrowly mixed. Livestock trade is mixed. Precious metals are firmer with gold up $30.50. CORN: Corn is 2 to 3 cents lower with trade giving up early gains as the day session wears on with choppy action and soft spreads as we balance planting pace and a lack of fresh world news to drive action. The weekly ethanol report showed production up 35,000 barrels per day to get back to 1 million on daily runs with stocks up by 289,000 barrels. Near-term weather will likely slow planting short term with active systems moving through with some windows for progress. The daily wire was quiet today with sales expected to be in the 600,000 to 800,000 metric ton range tomorrow. South America has little fresh news after the recent fall in production expectations with fresh Brazilian estimates edging lower. On the July chart, the 20-day at $4.56 is nearby support with the fresh high at 4.75 1/2 the next level of resistance which we are just below. SOYBEANS: Soybeans are 6 to 8 cents higher with choppy range-bound action continuing with meal leading the product complex again after the oil reversal yesterday with fresh news limited overall. Meal is $2 to $3 higher and oil is flat to 10 points higher. South America had Brazil's estimates edge lower with the flooding while Argentina shows little change ahead of widespread harvest with exports likely to pick up more steam into the end of the month. The daily wire showed 180,000 metric tons of soybeans sold to unknown split 2/3 to old crop and 1/3 to new with weekly sales expected to be in the 200,000 to 400,000 metric ton range. Planting will be slowed by showers working across the south and east of the belt this week but there will be other areas of progress. July soybean futures have resistance at the $12.56 fresh high. Chart support is at the 20-day moving average of $11.97. WHEAT: Wheat trade is narrowly mixed with trade pulling back sharply from 20 cents higher action at the start of the day session with few surprises on the wheat tour so far, and little fresh news to push world values after the highs scored on Monday, along with overbought conditions easing. The Plains should see some continued showers but nothing heavy short term, while the Black Sea area will continue to see short-term dryness. The dollar is back to the lower end of the recent range with MATIF wheat just short of the fresh highs. On the KC July chart, support is the 20-day at $6.44, with the fresh high as $7.10 as resistance with the upper Bollinger Band at $7.08 just below that. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.