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DTN Midday Grain Comments 05/20 10:46
Corn, Soybean, Wheat Futures All Lower at Midday Wednesday
Corn futures are 11 to 12 cents lower at midday Wednesday; soybean futures
are 7 to 8 cents lower; wheat futures are 4 to 10 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 11 to 12 cents lower at midday Wednesday; soybean futures
are 7 to 8 cents lower; wheat futures are 4 to 10 cents lower. The U.S. stock
market is firmer at midday with the S&P 58 points higher. The U.S. Dollar Index
is 30 points lower. The interest rate products are firmer. Energy trade is
sharply lower with crude off 4.90 and natural gas off .09. Livestock trade is
mostly lower with hogs leading. Precious metals are firmer with gold up 35.00.
CORN:
Corn futures are 11 to 12 cents lower at midday with trade fading back
through nearby support levels after we saw early week momentum slip late
Tuesday, with little fresh bullish news to keep trade moving especially with
energies easing today. The weekly ethanol report saw stocks unchanged with
production up 29,000 barrels per day (bpd). The daily export wire was quiet
again with weekly sales expected to be in the 700,000 to 950,000 metric ton
(mt) range. Basis continues to hold the recent range for now. Cooler weather
after the recent rains will slow field work this week but warmer weather looks
to return after the weekend. On the July chart, support is the 20-day moving
average at $4.72 that we are testing back below at midday, with the recent high
at $4.87 1/2 as resistance above the market.
SOYBEANS:
Soybean futures are 7 to 8 cents lower at midday with trade again fading
back from the upper end of the range with meal as the downside leader in the
product complex. Meal is 2.00 to 3.00 lower and oil is 50 to 60 points lower.
South America will keep the advantage on the world market short term with trade
wanting further confirmation of U.S./China business. Basis should remain flat
with crush margins holding the range. The daily wire was quiet again with
weekly sales expected to be in the 300,000 to 500,000 mt range. Planting will
remain slow this week with the recent weather, but should pick back up next
week. On the July contract chart, support is the 20-day moving average at
$12.01, which we are testing at midday, with resistance the contract high at
$12.40.
WHEAT:
Wheat futures are 4 to 10 cents lower at midday with early gains fading as
we continue to chop just above nearby support with early harvest getting
underway. Warmer weather should return into next week with rains likely too
late to boost potential much on the Plains with spring wheat planting progress
likely to stay ahead of pace. Matif wheat is flat. Weekly export sales are
expected to be in the 200,000 to 400,000 mt range. On the KC July chart,
support is the 20-day moving average at $6.94, which we held just above with
the fresh high at $7.50 as resistance.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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