DTN Midday Grain Comments     05/15 10:50

   Corn Futures Mixed at Midday; Soybeans Lower; Wheat Flat-Higher

   Corn futures are mixed at midday Thursday; soybeans are 25 to 29 cents 
lower; wheat futures are flat to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are mixed at midday Thursday; soybeans are 25 to 29 cents 
lower; wheat futures are flat to 3 cents higher. The U.S. stock market is mixed 
with the S&P 4 points higher. The U.S. Dollar Index is 16 points lower. The 
interest rate products are firmer. Energy trade is weaker with crude 2.00 lower 
and natural gas .08 lower. Livestock trade is mostly lower. Precious metals are 
firmer with gold up 28.00.

CORN:

   Corn futures are mixed at midday with firmer spread trade again as we work 
to recover further from the fresh lows scored earlier in the week with soybean 
spillover limiting upside. Ethanol margins are weaker with unleaded pulling 
back and corn firming, but still improved from earlier in the month. Weather 
looks to remain open towards the weekend with planting and emergence keep 
moving along before broad rains expected into early next week. The daily wire 
was quiet with weekly sales still strong at 1.677 million metric tons (mmt) of 
old crop, and 508,900 metric tons (mt) of new crop. Basis should remain fairly 
sideways near term. Double crop in Brazil continues to develop with little 
issue. On the July chart, the 20-day moving average at $4.66 is resistance with 
support the fresh low at $4.36 1/2.

SOYBEANS:

   Soybean futures are 25 to 30 cents lower with an early gap lower as soy oil 
is limit down overnight on spillover pressure from crude and leaked biodiesel 
targets lower than expected. Meal is .50 to 1.50 higher on spread unwinding 
with oil off 3.00. South American harvest pressure should continue to ease. 
Warmer weather should boost planting pace and emergence into midmonth. Basis 
will likely find a little better short-term action if crush can hold short 
term. The daily wire was quiet again with weekly sales a little better at 
282,400 mt old crop, 490,300 mt new, 286,700 mt of old meal, 32,700 mt of new, 
and 13,600 mt of oil. On the July chart, support is the 20-day moving average 
at $10.54, which we have edged below at midday with the fresh high at $10.82 as 
resistance.

WHEAT:

   Wheat futures are flat to 3 cents higher with short covering continuing as 
we ease oversold conditions and move further off the lows, but negative 
spillover from soybeans had limited the early strength. The hard red wheat 
areas are expected to see OK short-term weather but follow up moisture might be 
limited with spring wheat areas still fairly wet for now. Weekly export sales 
were improved at 58,600 mt old crop and 746,200 mt. MATIF wheat has edged back 
higher from the early weakness as well. On the KC July Chart, resistance is the 
20-day moving average at $5.36 with the next level of support is the fresh low 
at $5.00 1/4.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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