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Sunday, May 26, 2024  
 
 
 
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DTN Midday Grain Comments     05/24 10:54

   Soybean Futures Higher at Midday; Corn Lower; Wheat Mixed

   Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 8 
to 9 cents higher; wheat futures are 5 cents lower to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents lower at midday Friday; soybean futures are 8 
to 9 cents higher; wheat futures are 5 cents lower to 5 cents higher. The U.S. 
stock market is firmer at midday with the S&P 40 points higher. The U.S. Dollar 
Index is 45 lower. The interest rate products are narrowly mixed. Energies have 
crude .30 higher and natural gas .06 lower. Livestock trade is mixed. Precious 
metals are mixed with gold unchanged.

CORN:

   Corn futures are 1 to 2 cents lower at midday with trade likely to drift 
sideways into the weekend. Ethanol margins continue to scuffle with corn 
sideways and unleaded continuing to work the lower end of the range with 
disappointing driving demand into the long weekend. Planting will be slowed by 
another group of storms overnight in the west, and another round expected 
through the Corn Belt on Sunday. South America has little fresh news with 
little change to the weather patterns for the second crop in Brazil and disease 
issues still lingering in Argentina helping support nearby U.S. competitiveness 
on the world market. Basis action should continue to remain mostly sideways. On 
the July chart, the 20-day moving average at $4.60 is now nearby support after 
we closed back above it Monday with the Upper Bollinger Band as resistance at 
$4.73.

SOYBEANS:

   Soybean futures are 8 to 9 cents higher with trade trying to rebound off the 
fade from fresh highs Thursday with a short squeeze developing again in meal. 
Meal is 8.00 to 9.00 higher and oil is 5 to 15 points lower. South America has 
Brazil harvest nearly wrapped up with exports still slowed by various issues 
with Argentina to add to available bushels soon but talk of U.S. sales off the 
west coast continues with nothing on the daily export wire yet. Planting looks 
to remain slow in the short term with the second week looking better with early 
stands supported by the recent moisture. Basis should remain steady with crush 
margins still needing improvement to drive broader use. July soybean futures 
have resistance at the $12.58 1/2 fresh high. Chart support is at the 20-day 
moving average at $12.19.  

WHEAT:

   Wheat futures are 5 cents lower to 5 cents higher with KC leading as trade 
works just below the fresh highs scored midweek heading into the three day 
weekend. Weather should drift back drier for the Plains into the end of the 
month after some areas caught storms overnight with temps near average with 
early harvest coming soon. The dollar remains rangebound with MATIF wheat 
edging higher overnight. The short-term forecast shows little change for the 
Black Sea growing areas. On the KC July chart, support is the 20-day moving 
average at $6.71, with the fresh high at $7.20 1/4 as resistance with the upper 
Bollinger Band at $7.23 just above that.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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