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DTN Midday Grain Comments     05/22 10:57

   Corn, Soybean Futures Higher at Midday; Wheat Flat-Higher

   Corn futures are 2 to 3 cents higher at midday Wednesday; soybean futures 
are 5 to 6 cents higher; wheat futures are flat to 3 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Wednesday; soybean futures 
are 5 to 6 cents higher; wheat futures are flat to 3 cents higher. The U.S. 
stock market is mixed at midday with the S&P 3 points lower. The U.S. Dollar 
Index is 15 higher. The interest rate products are mixed. Energies have crude 
.40 lower and natural gas .05 higher. Livestock trade is mixed with cattle 
leading. Precious metals are weaker with gold off 32.50.

CORN:

   Corn futures are 2 to 3 cents higher at midday, holding just above nearby 
support with flat to firmer spread action in quiet trade. The weekly ethanol 
report showed production up by 19,000 barrels per day (bpd) with stocks down 
277,000 barrels ahead of Memorial Day. Planting will be slowed by the weather 
systems that moved through Tuesday with the second week of the forecast looking 
better for wrapping things up. Weekly export sales are expected to be in the 
600,000 metric tons (mt) to 800,000 mt range Thursday. South America has little 
fresh news with little change to the weather patterns for the second crop in 
Brazil in the short term with disease issues still lingering in Argentina. 
Basis action should continue to remain mostly sideways. On the July chart, the 
20-day moving average at $4.59 is now nearby support after we closed back above 
it Monday, with trade just above it at midday with the Upper Bollinger Band as 
resistance at $4.73.

SOYBEANS:

   Soybean futures are 5 to 6 cents higher at midday with trade working 
sideways in the upper end of the range with product action more rangebound 
Wednesday. Meal is 1.00 to 2.00 lower and oil is 50 to 60 points higher. South 
America will continue to battle short-term export impediments with flooding and 
labor with talk of increased U.S. bookings off the West Coast, but nothing 
confirmed on the daily export wire. Weekly export sales are expected to be in 
the 250,000 to 450,000 mt range Thursday. Planting will need a bit of drying 
after the weather systems Tuesday with the second week more open. Basis should 
remain steady to softer until processers have better margins to encourage them. 
The July soybean futures have resistance at the $12.56 fresh high. Chart 
support is at the 20-day moving average at $12.12.  

WHEAT:

   Wheat futures are flat to 3 cents higher with fresh highs for the move 
scored before fading a little toward the day session with trade getting 
overbought again and seeing some long liquidation into midday. Weather should 
drift back drier for the Plains into the end of the month with temps near 
average. The dollar is a touch firmer with MATIF wheat just short of the fresh 
overnight highs as well. Weekly export sales are expected to be in the 200,000 
to 350,000 mt range. The short-term forecast continues to look drier for the 
Black Sea areas as well. On the KC July chart support is the 20-day moving 
average at $6.65, with the fresh high as $7.19 as resistance with the upper 
Bollinger Band at $7.12, which we are just below.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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