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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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