DTN Midday Grain Comments     05/09 10:55

   Corn, Soybean Futures Higher at Midday; Wheat Lower

   Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 
10 to 11 cents higher; wheat futures are 3 to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 
10 to 11 cents higher; wheat futures are 3 to 6 cents lower. The U.S. stock 
market is weaker with the S&P 7 points lower. The U.S. Dollar Index is 35 
points lower. The interest rate products are firmer. Energy trade is firmer 
with crude .70 higher and natural gas .20 higher. Livestock trade is mixed. 
Precious metals are firmer with gold up 35.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with firmer spread action as 
we work to ease oversold conditions heading toward the WASDE report Monday. On 
the report, trade is looking for old-crop carryout at 1.433 billion bushels 
(bb) and new-crop at 2.02 bb. Ethanol margins should show little change with 
corn and unleaded firming to start the day. Warmer weather into midmonth should 
keep planting solidly ahead of the average pace with better rains the second 
week to boost emergence. The daily esport wire saw another sale to Mexico of 
288,000 metric tons (mt) of old-crop. Basis should remain fairly sideways in 
the near term. Double-crop weather in Brazil continues to have few issues as we 
get deeper into the growing season. On the July chart, the 20-day moving 
average at $4.75 is resistance with support the fresh low at $4.42 1/4.

SOYBEANS:

   Soybean futures are 10 to 11 cents higher at midday with trade working to 
push back through nearby resistance with broad product strength helping to add 
support. Meal is 1.50 to 2.50 higher and oil is 30 to 40 points higher. On 
Monday's WASDE report, trade is looking for 368 million bushels (mb) of 
old-crop carryout and 375 mb of new. South American weather will remain 
conducive to harvest progress. Warmer weather should boost planting pace and 
emergence into midmonth, keeping us solidly ahead of average. Basis will likely 
find a little better short-term action if crush can recover further. The daily 
export wire saw 120,000 mt of new-crop sold to Pakistan. On the July chart, 
resistance is the 20-day moving average at $10.50, which we are just above at 
midday, with the lower Bollinger Band at $10.35 as support.

WHEAT:

   Wheat is 3 to 6 cents lower at midday with trade working to bounce off the 
lows as we remain deeply oversold. The hard red wheat areas are expected to get 
a boost from warmer weather with good moisture for the Southern Plains into 
midmonth with western areas struggling short term, along with near-term 
improvement in the Black Sea continuing. On the report, trade is looking for 
old-crop carryout at 847 mb and new-crop carryout at 857 mb. MATIF wheat is 
slightly higher at midday. On the KC July chart, resistance is the 20-day 
moving average at $5.47, with the next level of support the fresh low at $5.16.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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