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DTN Midday Grain Comments     05/31 10:53

   Corn, Soybean Futures Lower at Midday; Wheat Mixed

   Corn futures are 3 to 6 cents lower at midday Wednesday; soybean futures are 
2 to 8 cents lower; wheat futures are 2 cents lower to 10 cents higher.

David M. Fiala
DTN Contributing Analyst


   Corn futures are 3 to 6 cents lower at midday Wednesday; soybean futures are 
2 to 8 cents lower; wheat futures are 2 cents lower to 10 cents higher. The 
U.S. stock market is weaker with the S&P off 40 points. The U.S. Dollar Index 
is 40 points higher. Interest rate products are firmer. Energies are weaker 
with crude .90 lower and natural gas off .02. Livestock trade is higher. 
Precious metals are mixed with gold up 14.50.


   Corn futures are 3 to 6 cents lower at midday with firming back from the 
early lows. Spreads are gaining a little as we watch weather and outside market 
spillover going into midday. Ethanol margins will see pressure on the blender 
end, but the pullback in corn should remain supportive with the weekly report 
delayed until Thursday. The daily wire has been quiet recently with no sales or 
cancellations in recent days. Basis continues to hold a softer tone with better 
movement possibilities as fieldwork wraps up. The second crop in Brazil 
continues to head toward the home stretch with cheap enough offers to control 
export business. Weekly crop progress showed corn planting at 92% versus 84% on 
average; 72% emerged versus 63% on average; initial conditions at 69% good to 
excellent and 5% poor to very poor, just below the average guess. On the July 
chart we have support at the 20-day moving average at $5.83, which we bounced 
back from a test of this morning.


   Soybean futures are 2 to 8 cents lower with trade firming back from nearly 
30 cent lower trade early. Product pressure continuing on negative energy 
spillover and demand concerns with disappointing economic numbers out of China. 
Meal is .50 to 1.50 lower and oil is 10 to 20 points lower. Basis will likely 
remain a little softer as fieldwork catches up more. Weekly crop progress 
showed planting at 83% versus 65% on average; 56% emerged versus 40% on 
average. July chart support is the lower Bollinger Band at $12.65 with the 
20-day moving average still well above the market at $13.64.


   Wheat is 2 cents lower to 10 cents higher with KC action retaking the lead 
at midday. Spread action is turning back firmer after the recent correction 
with trade working to shake off the outside market spillover. Plains rains are 
expected to continue but abandoned acres and being late in the year keep yield 
ideas lower while Chicago wheat improves and spring wheat catches up. The 
dollar is at fresh highs again, with Matif wheat pressing into lows as well 
before firming again to limit upside. Weekly crop progress showing winter wheat 
slightly improved at 35% poor to very poor with 34% good to excellent; heading 
at 72% versus 73% on average; spring wheat is 85% planted versus 86% on 
average; 57% emerged versus 59% on average. On the KC July Chart, the lower 
Bollinger band at $7.62 is support with $8.00 becoming the first level of 

   David Fiala can be reached at 

   Follow him on Twitter @davidfiala

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