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DTN Midday Grain Comments 05/21 10:49
Corn, Soybean Futures Higher at Midday Thursday; Wheat Mixed
Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are
2 to 3 cents higher; wheat futures are 4 cents lower to 1 cent higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are
2 to 3 cents higher; wheat futures are 4 cents lower to 1 cent higher. The U.S.
stock market is weaker at midday with the S&P 28 points lower. The U.S. Dollar
Index is 35 points higher. The interest rate products are weaker. Energy trade
is sharply higher with crude up 3.40 and natural gas up .03. Livestock trade is
sharply lower. Precious metals are weaker with gold off 27.00.
CORN:
Corn futures are 2 to 3 cents higher at midday with light buying returning
after early weakness as we stay overall rangebound. Ethanol margins should stay
solid with unleaded rebounding again while corn stays short of the highs.
Weekly export sales were strong at 2.13 million metric tons (mmt) of old crop
and 281,400 metric tons (mt) of new. Basis continues to hold the recent range
for now. Cooler weather after the recent rains will slow fieldwork this week
but warmer weather looks to return out of the weekend. On the July chart, below
is the 20-day moving average at $4.72 as resistance with the recent low at
$4.56 as support from there.
SOYBEANS:
Soybeans are 2 to 3 cents higher in quiet midday trade with products
tracking sideways as we look to consolidate into the weekend with little other
fresh news. Meal is flat to 1.00 lower and oil is flat to 10 points higher.
South America will keep the advantage on the world market in the short-term
with trade wanting further confirmation of U.S./China business. Basis should
remain flat with crush margins holding the range. Weekly export sales were
mixed with 351,900 mt old-crop, 172,700 mt of new with strong meal sales at
475,900 old and 16,400 new with 1,000 of oil. Planting will remain slow this
week with the recent weather but should pick back up next week. On the July
contract, chart support is the 20-day moving average at $12.01, which we are
just above at midday, with resistance the contract high at $12.40.
WHEAT:
Wheat futures are 4 cents lower to 1 cent higher at midday with action again
fading back to nearby support with early harvest to expand and less spillover
support from row crops. Warmer weather should return into the next week with
rains likely too late to boost potential much on the Plains with spring wheat
planting progress likely to stay ahead of pace. Matif wheat is flat Thursday
morning. Weekly export sales held the recent range at 166,300 mt of old crop
and 130,500 of new. On the KC July chart, support is the 20-day moving average
at $6.96, which we are testing Thursday morning, 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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