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DTN Midday Grain Comments 05/08 10:45
Soybean, Wheat Futures Higher at Midday Friday; Corn Flat-Higher
Corn futures are flat to 1 cent higher at midday Friday; soybean futures are
9 to 11 cents higher; wheat futures are 2 to 4 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are flat to 1 cent higher at midday Friday; soybean futures are
9 to 11 cents higher; wheat futures are 2 to 4 cents higher. The U.S. stock
market is mixed at midday with the S&P 50 points higher. The U.S. Dollar Index
is 15 points lower. The interest rate products are weaker. Energy trade is
firmer with crude up 3.80 and natural gas up .05. Livestock trade is mixed with
hogs leading. Precious metals are firmer with gold up 5.00.
CORN:
Corn futures are flat to 1 cent higher at midday in quiet trade, as we
continue to chop along nearby support heading to the weekend and wait for
further world event developments. Ethanol margins should firm a little if
unleaded holds the rebound to boost blenders. The daily export wire was quiet
to close the week. Basis likely continues to hold the recent range into the
start of May. Open weather and temps edging back higher after today should
support planting across much of the Corn Belt with moisture overall somewhat
limited into midmonth. On the July chart, support is the 20-day moving average
at $4.66, which is where we are just above at midday with the fresh high at
$4.87 1/2 as resistance.
SOYBEANS:
Soybean futures are 9 to 11 cents higher at midday with meal and oil edging
back higher as we try to regain some momentum into the weekend. Meal is 1.00 to
2.00 higher and oil is 25 to 35 points higher. South America will continue to
have the advantage in the world export market short term ahead of the
U.S./China summit next week. Basis should remain flat with crush margins mostly
holding. The daily wire stayed quiet to close the week. Planting and emergence
should pick up into next week as the weather warms. On the July contract chart,
support is $11.89, where we find the 20-day moving average, and resistance is
the contract high at $12.40.
WHEAT:
Wheat futures are 2 to 4 cents higher at midday with action consolidating
near support after we faded from the highs this week with the second week
forecast wetter for the Plains even if it only can stabilize the remaining crop
at this point. Spring wheat areas looks drier for the balance of the remaining
planting window. Matif wheat is weaker this morning. Black sea area weather
continues to show little short-term change. On the KC July chart, support is
the 20-day moving average at $6.69 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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