DTN Midday Grain Comments     05/14 10:46

   Corns, Bean, Wheat Lower at Midday Tuesday

   Corn trade is 4 to 5 cents lower; beans are 6 to 8 cents lower and wheat 
trade is 13 to 17 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   The U.S. stock market is firmer at midday with the S&P 10 points higher. The 
dollar index is 20 points lower. The interest rate products are firmer. 
Energies have crude $1 lower and natural gas unchanged. Livestock trade is 
firmer led by cattle. Precious metals are firmer with gold up $13.50.

CORN:

   Corn is 4 to 5 cents lower with trade testing the fresh high again overnight 
before seeing light selling develop during the day session with weak spread 
action and weather support for new crop. Ethanol margins will see further 
pressure if corn holds the upper end of the range with the recent gains in 
driving demand needing to hold. Near-term weather will likely slow planting 
short term with active systems moving through with the weekly report showing 
planted at 49% versus 54% on average, and emergence at 23% versus 21% on 
average.

   The daily wire saw 405,000 metric tons sold to Mexico with 2/3 for new crop. 
South America has little fresh news after the recent fall in production 
expectations with fresh Brazilian estimates edging lower. On the July chart, 
the 20-day at $4.54 is nearby support with the fresh high at 4.75 1/2 the next 
level of resistance which we tested again overnight.

SOYBEANS:

   Soybeans are 6 to 8 cents lower at midday with oil action reversing lower 
again with July still holding solidly above $12 upfront with weather issues 
still adding support while potential tariffs on used veg oil were not confirmed 
with the EV tariffs announced. Meal is $4 to $5 higher and oil 145 to 155 
points lower. South America had Brazil's estimates edge lower with the flooding 
while Argentina showed little change ahead of widespread harvest.

   The daily wire was quiet again today. Planting will be slowed by showers 
working across the south and east of the belt this week with the weekly report 
showing 35% planted versus 34% on average, and 16% emerged versus 10% on 
average. July soybean futures have resistance at the $12.56 fresh high. Chart 
support is at the 20-day moving average at $11.94.  

WHEAT:

   Wheat trade is 13 to 17 cents lower at midday with two-sided action early on 
with action pressing back to the highs before fading into the day session. The 
Plains should see some continued showers but nothing heavy while the Kansas 
wheat tour gets underway, while the Black Sea area continues to struggle with 
cold in some areas and dryness in others with trade assessing the freeze 
impacts as temps warm back up.

   The weekly crop report showed good to excellent unchanged at 50%, and 18% 
poor to very poor, +2% with 57% headed versus 44% on average, while spring 
wheat 61% planted versus 48% on average, and 25% emerged versus 18% on average. 
The dollar is holding the recent range with MATIF wheat solidly lower as well. 
On the KC July Chart support is the 20-day at $6.39, with the fresh high of 
7.10 as resistance with the upper Bollinger Band at $7.08 just below that.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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