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DTN Midday Grain Comments     05/22 10:57

   Grains Mixed at Midday Friday

   Corn futures are flat to 1 cent lower, soybean futures are 1 to 2 cents 
higher, and wheat futures are 3 to 8 cents lower.

David Fiala,DTN Contributing Analyst


   The U.S. stock market is weaker with the Dow 130 points lower. The U.S. 
Dollar Index is 42 higher. Interest rate products are firmer. Energies are 
weaker with crude 1.10 lower. Livestock trade is mixed. Precious metals are 
mixed with gold up 11.00.


   Corn futures are flat to 1 cent lower at midday with rangebound action on 
currency headwinds and little fresh news into the long weekend. Ethanol margins 
remain stable with more plants coming back online and better demand likely for 
Memorial Day weekend, even if well short of normal. Wetter weather will persist 
in some areas through the weekend. On the July contract, support is the 20-day 
moving average at $3.17 which we are testing this morning, and the upper 
Bollinger band at $3.25 which we tested Tuesday but failed to hold above.


   Soybean futures are 1 to 2 cents higher with two-sided trade early as the 
real holds gains against the dollar but other news remains limited. Meal is 
$2.00 to $3.00 higher and oil is 35 to 45 points lower. South America continues 
to move along harvest-wise with strong shipments out of Brazil likely to 
continue unless port issues redevelop. Crush margins remain stable as well with 
meal regaining the lead Friday. The July soybean chart support is the lower 
Bollinger band at $8.27, with resistance the 20-day moving average $8.42.


   Wheat futures are 3 to 8 cents lower with pressure from the stronger dollar 
and limited overall buying. Russia looks to have mostly average rainfall near 
term with France and Germany drier near term; better rains are on tap for much 
of the Plains. The Kansas wheat tour wrapped up with projections a bit under 
the USDA numbers. KC is at a 63-cent discount to Chicago on the July with 
slightly wider action Friday, while Minneapolis is back to a 7-cent premium. 
The July KC chart support is the lower Bollinger band at $4.37 which we tested 
Wednesday before bouncing with resistance at the 20-day moving average at 4.70.

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered adviser.
He can be reached at dfiala@futuresone.com
Follow him on Twitter @davidfiala

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