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DTN Midday Grain Comments     05/20 10:51

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 8 to 9 cents higher at midday Monday; soybean futures are 
12 to 14 cents higher; wheat futures are 26 to 36 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 8 to 9 cents higher at midday Monday; soybean futures are 
12 to 14 cents higher; wheat futures are 26 to 36 cents higher. The U.S. stock 
market is firmer at midday with the S&P 20 points higher. The U.S. Dollar Index 
is 11 points higher. The interest rate products are weaker. Energies have crude 
a dime lower and natural gas a dime higher. Livestock trade is mixed. Precious 
metals are firmer with gold up 11.50.

CORN:

   Corn futures are 8 to 9 cents higher to start the week with good spillover 
support from wheat and positioning ahead of USDA's Crop Progress report with 
all eyes on planting progress and forecasts coming forward. Ethanol margins are 
seeing pressure with corn rebounding and little change to unleaded. Planting 
should have made better progress reported into Sunday with the weekly progress 
report likely to show planting still below the 5-year average and emergence 
still in line. Weekly export inspections were solid at 1.211 million metric 
tons (mmt). South America has little fresh news with little change to the 
weather patterns for the second crop in Brazil in the short term. Basis action 
has been mostly sideways for the month of May. On the July chart the 20-day 
moving average at $4.57 is now nearby resistance, which we are back above at 
midday with the lower Bollinger Band as support at $4.41.

SOYBEANS:

   Soybean futures are 12 to 14 cents higher at midday after early two-sided 
action with broad product strength and planting concerns helping to lead us. 
Meal is 2.00 to 3.00 higher and oil is 95 to 105 points higher. South America 
will continue to battle short-term export impediments with flooding and strikes 
but, overall, the pace should continue to expand. Weekly export inspections 
were at marketing year low at 184,128 metric tons (mt). Planting should run 
better ahead of the weekend weather systems with the weekly report expected to 
be at the 5-year average with emergence just ahead. Basis should remain steady 
to softer until processers have better margins to encourage them. The July 
soybean futures have resistance at the $12.56 fresh high. Chart support is at 
the 20-day moving average at $12.06.  

WHEAT:

   Wheat futures are 26 to 36 cents higher with overnight strength turning to 
bigger buying during the day session as euro values rebound with drier weather 
in the Black Sea toward the end of the month. The Kansas wheat tour finished 
with the best estimates in three years but still well below the recent high of 
2021 at 46.6 bushels per acre (bpa). Further weather systems worked through the 
area Sunday with high winds and heavy rains. The dollar is firming back off the 
lower end of the recent range with MATIF wheat just short of the recent highs 
in sharply higher action. Weekly export inspections were soft at 205,612 mt, 
the lowest since November. Weekly crop progress is likely to show steady 
conditions and heading well ahead of normal with spring wheat planting and 
emergence well ahead of the 5-year average. On the KC July chart support is the 
20-day moving average at $6.56, with the fresh high at $7.10 as resistance with 
the upper Bollinger Band at $6.99 just below that, which we are just below at 
midday.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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