DTN Midday Grain Comments     05/28 10:52

   Corn, Soybean Futures Higher at Midday Thursday; Wheat Mixed

   Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are 
6 to 7 cents higher; wheat futures are 4 cents lower to 1 cent higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Thursday; soybean futures are 
6 to 7 cents higher; wheat futures are 4 cents lower to 1 cent higher. The U.S. 
stock market is mixed at midday with the S&P 35 points higher. The U.S. Dollar 
Index is 18 lower. The interest rate products are firmer. Energy trade is 
firmer with crude up 1.40 and natural gas up .15. Livestock trade mixed with 
feeder cattle leading. Precious metals are mixed with gold up 20.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with light gains as we 
attempt to bounce off the lower end of the range with back-and-forth ceasefire 
news again. Ethanol margins are narrowing a little as unleaded eased. Weekly 
export sales is delayed until Friday with sales expected to be in the 1.2 
million metric tons (mmt) to 1.5 mmt range. Basis continues to hold the recent 
range for now. Weather looks to keep the west a bit wetter in the short term 
with the warm-up holding. On the July chart, below is the 20-day moving at 
$4.70 as resistance with the recent low at $4.47 as support.

SOYBEANS:

   Soybean futures are 6 to 7 cents higher at midday with broad product gains 
as the recent range continues to hold with little other fresh news. Meal is 
2.50 to 3.50 higher and oil is 20 to 30 points higher. South America will 
continue to move post-harvest bushels on to the world market as harvest wraps 
up. Basis should remain flat with crush margins holding the recent range. 
Weekly export sales are expected to be in the 350,000 to 550,000 metric ton 
(mt) range with good meal sales. Planting should wrap up with western rains to 
boost emergence there while open weather helps the center and east catch up. On 
the July contract, chart resistance is the 20-day moving average at $12.02, 
with support the lower Bollinger Band at $11.74.

WHEAT:

   Wheat futures are 4 cents lower to 1 cent higher with Chicago action leading 
at midday with KC scoring a fresh low for the move as harvest expands. Some 
storms may slow early harvest as it moves north, with some spring wheat areas 
likely to see better short-term rains to aid early growth. Heat stress should 
continue in the short term for continental Europe. Matif wheat is slightly 
lower. Weekly export sales are expected to be in the 300,000 to 450,000 mt 
range. On the KC July chart, resistance is the 20-day moving average at $6.91 
with the fresh low at $6.62 as support.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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