DTN Midday Grain Comments     05/08 10:51

   Corn, Beans and Wheat Lowe4r at Midday Wednesday

   Corn trade is 7 to 8 cents lower; beans are 5 to 6 cents lower and wheat 
trade is 12 to 18 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is mixed at midday with the S&P 3 points lower. The 
dollar index is 15 points higher. The interest rate products are weaker. 
Energies have crude .25 cent higher and natural gas .02 cent higher. Livestock 
trade is weaker. Precious metals are mixed with gold off $1.30.

CORN:

   Corn is 7 to 8 cents lower at midday with trade fading back from the top of 
the recent range with profit taking vs. recent longs and a more open short-term 
forecast to push planting along. The weekly ethanol report showed production 
down 22,000 barrels per day, and stocks were off by 1.29 million barrels with 
some exports. Near-term weather should allow planting to pick back up into 
mid-month and boost emergence.

   The daily wire was quiet again with weekly sales expected to be in the 
400,000 to 600,000 metric ton range tomorrow. The recent patterns in South 
America continue with some short-term dryness for double-crop corn areas along 
with excess rain causing disease issues in the first crop areas to the south. 
On the July chart, the 20-day at $4.51 is nearby support with the fresh high at 
4.72 the next level of resistance.

SOYBEANS:

   Soybeans are 5 to 6 cents lower at midday with trade seeing light profit 
taking from the highs as trade is a bit overbought with mixed product action 
after the recent rally. Meal is .50 cent to $2.50 lower and oil is flat to 10 
points higher. South America will continue to push to the end of harvest with 
flooding still hindering some as they will remain in the fat part of their 
export season.

   The daily wire was quiet again today with weekly sales expected to be in the 
200,000 to 400,000 metric ton range tomorrow with oil expected to be favored on 
the product side. The more open weather after the current system should help 
planting into mid-month. The July soybean futures have resistance at the $12.56 
fresh high. Chart support is at the 20-day moving average at $11.87.  

WHEAT:

   Wheat trade is 12 to 18 cents lower at midday with trade fading back from 
the top of the range as we consolidate recent gains amid overbought conditions 
and look for further growing season developments across the northern 
hemisphere. The Plains should warm up a bit and dry after the recent storms, 
while Black Sea forecasts continue to be concerning at an early stage in the 
growing season. The dollar continues to hold the lower end of the recent range 
with MATIF wheat pulling back from the fresh highs again. Weekly export sales 
are expected to be in the 300,000 to 450,000 metric ton range. On the KC July 
Chart support is the 20-day at $6.19, with a fresh high at 6.79 as further 
resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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