DTN Midday Grain Comments     05/13 10:51

   Corn, Soybean, Wheat Futures All Higher at Midday Wednesday

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are 4 to 5 cents higher; wheat futures are 3 to 7 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are 4 to 5 cents higher; wheat futures are 3 to 7 cents higher. The U.S. stock 
market is mixed at midday with the S&P 15 points higher. The U.S. Dollar Index 
is 25 points higher. The interest rate products are weaker. Energy trade is 
flat with crude up .70 and natural gas up .04. Livestock trade is sharply 
higher. Precious metals are firmer with gold up 6.00.

CORN:

   Corn futures are 3 to 4 cents higher with flat spread action as we edge to 
fresh highs on the December as we follow soybeans and wheat post-report. On the 
report, old-crop carryout was 2.142 billion bushels (bb) versus 2.127 bb last 
time; new-crop was 1.957 bb versus 1.923 bb expected; 183.0 bushels per acre 
(bpa) yield; world production rising by 10.0 million metric tons (mmt) in South 
America. The weekly ethanol report showed production 65,000 barrels per day 
higher and stocks down by 1.2 mmt. Weekly export sales are expected to be in 
the 1.0 mmt to 1.2 mmt range. Basis likely continues to hold the recent range 
into the start of May. Open weather and temps edging back higher after 
Wednesday should support planting through midmonth. On the July chart, support 
is the 20-day moving average at $4.71, which we bounced off of, with the fresh 
high at $4.87 1/2 as resistance.

SOYBEANS:

   Soybean futures are 4 to 5 cents higher at midday with trade working to 
consolidate heading toward the summit with China with meal leading the product 
side of things as we score fresh highs on November. Meal is 6.50 to 7.50 higher 
and oil is 15 to 25 points lower. On the report, we saw old-crop carryout 
decline from 350 mb to 340 mb; new-crop at 310 mb versus 355 mb expected; 
bigger crush expectations; and a 53.0-bpa yield with South American production 
unchanged. South America will continue control the short-term export market 
post-harvest with trade looking for fall commitments for China purchases from 
the U.S. Basis should remain flat with crush margins mostly holding. Weekly 
export sales are expected to be in the 250,000 to 500,000 metric ton range. 
Planting and emergence should roll along through midweek. On the July contract, 
chart support is $11.97 where we find the 20-day moving average, and resistance 
is the contract high at $12.40.

WHEAT:

   Wheat futures are 3 to 7 cents higher with KC action continuing to lead 
after the limit higher move post-report after production fell by more than 
expected on the report as we get more overbought overall. On the report, we saw 
old-crop carryout at 935 mb versus 938 mb last month; new-crop at 762 mb versus 
833 mb expected; total production of 1.561 bb versus 1.735 bb expected; HRW 
production is expected to fall from 804 mb to 515 mb. Matif wheat is lightly 
weaker to start. Black Sea area weather continues to show little short-term 
change. On the KC July chart, support is the 20-day moving average at $6.82 
with the fresh high at $7.50 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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