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DTN Midday Grain Comments 05/30 10:49

30 May 2024
DTN Midday Grain Comments 05/30 10:49 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 5 to 6 cents lower; beans are 1 to 3 cents lower and wheat trade is 10 to 17 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents lower; beans are 1 to 3 cents lower and wheat trade is 10 to 17 cents lower. The U.S. stock market is weaker at midday with the S&P 25 points lower. The dollar index is 40 points lower. The interest rate products are firmer. Energies have crude .50 lower and natural gas .08 lower. Livestock trade is weaker with cattle being the downside leader. Precious metals are weaker with gold off 1.00. CORN: Corn futures are 5 to 6 cents lower at midday with action fading from light early gains to fade into the next level of support with firmer spread action. The weekly ethanol report saw production jump by 48,000 barrels per day with stocks down sharply by 1.068 million barrels with record exports reported. Storms will likely slow the tail end of planting as they work through today with a more open forecast into next week. South America is expected to see little short-term change for the drier double-crop areas. Basis action should continue to remain mostly sideways. Weekly export sales are delayed until tomorrow with expectations of 600,000 to 750,000 metric ton range with the Holiday with daily wire quiet. On the July chart, the 20-day at $4.61 is now resistance after we faded below it today with the Lower Bollinger Band as support at $4.50 which we are testing at midday. SOYBEANS: Soybean futures are 1 to 3 cents lower at midday with trade working to consolidate after the midweek with product action fading again at midday. Meal is 2.00 to 3.00 lower and oil is 40 to 50 points lower. South America should be able to push more bushels into export channels coming into June as the recent issues resolve themselves a bit. The daily wire remained quiet with weekly sales expected to be in the 200,000 to 300,000 metric ton range. Planting should be set for a better finish as the forecast opens up into the first week of June after today's rains. Basis should remain steady with crush margins still limiting run rates. The July Chart resistance is at the 20-day moving average at $12.26 which we faded through then the 12.00 area nearby. WHEAT: Wheat futures are 10 to 17 cents lower with Chicago wheat the downside leader after the early session attempt to rebound faded as longs take profit and wait for further developments in weather. Weather looks to be wet for the southern plains through today with activity lingering into next week which should slow early harvest while helping the further north acres finish with spring wheat planting wrapping up soon. The dollar is back to the middle of the range with MATIF milling wheat extending its break towards the end of the session. The short-term forecast shows little change for the Black Sea growing areas which should limit the downside short term. 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 $6.84, with the fresh high as 7.46 as 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.
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