DTN Midday Grain Comments     05/12 10:47

   Corn, Soybean, Wheat Futures Higher at Midday Tuesday

   Corn futures are 3 to 4 cents higher at midday Tuesday; soybean futures are 
9 to 11 cents higher; wheat futures are 15 to 21 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Tuesday; soybean futures are 
9 to 11 cents higher; wheat futures are 15 to 21 cents higher. The U.S. stock 
market is weaker at midday with the S&P 70 points lower. The U.S. Dollar Index 
is 50 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up 3.80 and natural gas off .08. Livestock trade is mostly 
lower. Precious metals are mixed with gold off 65.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with trade continuing to 
press back toward the highs in pre-report action. On the report, trade is 
looking for old-crop carryout at 2.145 billion bushels (bb) and new-crop at 
1.923 bb on the first look for the year. Ethanol margins should firm a little 
if unleaded continues to move higher to boost blenders. Basis likely continues 
to hold the recent range. Open weather and temps edging back higher after 
Tuesday should support planting through midmonth. USDA's weekly Crop Progress 
showed 57% planted versus 52% on average and emergence at 23% versus 19%. On 
the July chart, support is the 20-day moving average at $4.68, which we bounced 
off of, with the fresh high at $4.87 1/2 as resistance.

SOYBEANS:

   Soybean futures are 9 to 11 cents higher with oil leading the product 
complex with broad strength pre-report and pre-summit. Meal is 2.00 to 3.00 
higher and oil is 100 to 110 points higher. On the report, trade is looking for 
347 million bushels (mb) of old-crop carryout and 355 mb of new. South America 
will continue to have the advantage in the world export market in the short 
term ahead of the U.S./China summit later this week. Basis should remain flat 
with crush margins mostly holding. Planting and emergence should roll along 
with the weekly report showing 49% planted versus 36% on average and 20% 
emerged versus 12% average. On the July contract, chart support is $11.92, 
where we find the 20-day moving average, and resistance is the contract high at 
$12.40.

WHEAT:

   Wheat futures are 15 to 21 cents higher with further condition declines 
helping to return buyers to the market as we bounce further off our test of 
support seen last week. Winter wheat was rated 61% headed versus 45% on average 
with good to excellent 28% (down 3 percentage points) and 40% poor to very poor 
(also down 3 percentage points)with a wetter second week expected. Spring wheat 
areas looks drier for the balance of the remaining planting window with 53% 
planted versus 51% on average and 23% emerged versus 19%. Matif wheat is firmer 
Tuesday as well. On the report, trade is looking for old-crop carryout at 934 
mb and new at 833 mb. Black Sea area weather continues to show little 
short-term change. On the KC July chart, support is the 20-day moving average 
at $6.76, with the fresh high at $7.18 1/2 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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