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DTN Midday Grain Comments 05/27 10:53

27 May 2022
DTN Midday Grain Comments 05/27 10:53 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 11 to 13 cents higher at midday Friday; soybean futures are 6 to 15 cents higher; wheat futures are 17 to 24 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is firmer with the S&P up 65 points. The U.S. Dollar Index is unchanged. Interest rate products are mostly firmer. Energies are mixed with crude down .30 and natural gas down .25. Livestock trade is mixed. Precious metals are firmer with gold up 3.50. CORN: Corn futures are 11 to 13 cents higher at midday, firming into Memorial Day weekend with little fresh news and flat spread trade which should leave us close to flat on the week. The daily export wire has been quiet, and basis has flattened out. Ethanol margins look to remain rangebound near term with the bounce in unleaded to support blending along with holiday demand. The second crop in Brazil will head for the homestretch while U.S. weather continues to keep moisture in much of the Corn Belt with warmer weather into the weekend. On the July contract chart, we have resistance at the 20-day moving average at $7.85 with the lower Bollinger Band at $7.60 as support, which we tested again overnight with the fresh low at $7.55 below that. SOYBEANS: Soybean futures are 6 to 15 cents higher at midday with firmer spread trade and consolidation expected around the fresh highs heading into the weekend. Meal is $5.50 to $6.50 higher and oil is 55 to 65 points lower as we continue to try to balance crush margins. South America is moving toward post-harvest footing at this point. In the U.S. planting will remain sluggish with the expected moisture this week, but warmer temps may help progress into the weekend. Basis has held strength well at processors and exporters with signs of better movement. On the July soybean chart, we are still solidly above the 20-day moving average at $16.57 with the fresh high and the Upper Bollinger Band just above current action at $17.44. WHEAT: Wheat futures are 17 to 24 cents higher at midday with spring wheat leading. Choppy action continues with trade settling into range to close the week with some profit-taking versus recent shorts. Russia has allowed limited transit out of Mariupol, but we remain a ways off from serious progress in opening more ports with weather stabilizing in Europe. The dollar has faded to the lower end of the range. Warmer weather is expected to return soon to push maturity again with spring wheat progress likely to continue to struggle in the north. KC wheat is back to a 69-cent discount to Minneapolis in wider action, and at a 78-cent premium to Chicago, narrowing a bit. The KC July chart has resistance at the Upper Bollinger Band at $13.83, with the 20-day moving average at $12.25, which we tested again overnight, and the low at $11.92 becoming further support. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2022 DTN, LLC. All rights reserved.
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USDA Daily Market Rates 05/26 06:18

26 May 2022
USDA Daily Market Rates 05/26 06:18 DAILY MARKET RATES(GRAIN/MISCELLANEOUS COMMODITIES) Effective: May 26, 2022 The following Market Rates are established to aid in the development of the Posted County Prices (PCPs) which are used by county Farm Services Agency (FSA) Offices for loan redemption purposes. Uses of these rates for other purposes may n...

DTN Early Word Grains 05/26 06:56

26 May 2022
DTN Early Word Grains 05/26 06:56 Wheat, Corn Prices Lower Again After Russia Offers Safe Passage July corn was down 12 1/4 cents, July soybeans were down 2 cents and July KC wheat was down 25 cents. Todd Hultman DTN Lead Analyst Pre-6 a.m. Globex Prices: July corn was down 12 1/4 cents, July soybeans were down 2 cents and July KC wheat was down 25...

DTN Weather Trend Indicators 05/26 06:19

26 May 2022
GRAIN BELT WX ROUNDUP Ohio Morning Temperature And Precipitation Summary National Weather Service Cleveland Ohio 812 AM EDT Thu May 26 2022 Values represent highs yesterday...lows over the last 12 hours and precipitation over the last 24 hours ending at 7 AM EST/8 AM EDT. M=Missing Data T=Trace NA=Not Available : .BR CLE 0526 ES DH00/TAIRZX/DH07/TA...

Illinois Wheat Estimated at 68.56 bpa

25 May 2022
ANKENY, Iowa (DTN) -- Scouts on the Southern Illinois Wheat Tour on May 24 estimated the state's soft red winter wheat (SRW) will average 68.56 bushels per acre (bpa). Farmers and wheat industry officials assessed fields and production potential and crop quality. Most of the SRW wheat in Illinois is grown in the southern third of the state. All the...
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