DTN Midday Grain Comments 05/24 10:54

DTN Midday Grain Comments 05/24 10:54 Soybean Futures Higher at Midday; Corn Lower; Wheat Mixed Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 8 to 9 cents higher; wheat futures are 5 cents lower to 5 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 8 to 9 cents higher; wheat futures are 5 cents lower to 5 cents higher. The U.S. stock market is firmer at midday with the S&P 40 points higher. The U.S. Dollar Index is 45 lower. The interest rate products are narrowly mixed. Energies have crude .30 higher and natural gas .06 lower. Livestock trade is mixed. Precious metals are mixed with gold unchanged. CORN: Corn futures are 1 to 2 cents lower at midday with trade likely to drift sideways into the weekend. Ethanol margins continue to scuffle with corn sideways and unleaded continuing to work the lower end of the range with disappointing driving demand into the long weekend. Planting will be slowed by another group of storms overnight in the west, and another round expected through the Corn Belt on Sunday. South America has little fresh news with little change to the weather patterns for the second crop in Brazil and disease issues still lingering in Argentina helping support nearby U.S. competitiveness on the world market. Basis action should continue to remain mostly sideways. On the July chart, the 20-day moving average at $4.60 is now nearby support after we closed back above it Monday with the Upper Bollinger Band as resistance at $4.73. SOYBEANS: Soybean futures are 8 to 9 cents higher with trade trying to rebound off the fade from fresh highs Thursday with a short squeeze developing again in meal. Meal is 8.00 to 9.00 higher and oil is 5 to 15 points lower. South America has Brazil harvest nearly wrapped up with exports still slowed by various issues with Argentina to add to available bushels soon but talk of U.S. sales off the west coast continues with nothing on the daily export wire yet. Planting looks to remain slow in the short term with the second week looking better with early stands supported by the recent moisture. Basis should remain steady with crush margins still needing improvement to drive broader use. July soybean futures have resistance at the $12.58 1/2 fresh high. Chart support is at the 20-day moving average at $12.19. WHEAT: Wheat futures are 5 cents lower to 5 cents higher with KC leading as trade works just below the fresh highs scored midweek heading into the three day weekend. Weather should drift back drier for the Plains into the end of the month after some areas caught storms overnight with temps near average with early harvest coming soon. The dollar remains rangebound with MATIF wheat edging higher overnight. The short-term forecast shows little change for the Black Sea growing areas. On the KC July chart, support is the 20-day moving average at $6.71, with the fresh high at $7.20 1/4 as resistance with the upper Bollinger Band at $7.23 just above 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.