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DTN Midday Grain Comments 05/07 10:47
Corn, Soybean, Wheat Futures All Lower at Midday Thursday
Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are
9 to 11 cents lower; wheat futures are 10 to 21 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 4 to 5 cents lower at midday Thursday; soybean futures are
9 to 11 cents lower; wheat futures are 10 to 21 cents lower. The U.S. stock
market is mixed at midday with the S&P 10 points higher. The U.S. Dollar Index
is 15 points lower. The interest rate products are weaker. Energy trade is
mixed with crude off 3.15 and natural gas up .06. Livestock trade is mixed with
hogs leading. Precious metals are firmer with gold up 68.00.
CORN:
Corn futures are 4 to 5 cents lower at midday with broad selling continuing
as we ease overbought conditions and see spillover pressure from energies.
Ethanol margins look to remain stable in the short term even with blender
margins easing as corn pulls back. The daily export wire was quiet again with
weekly sales still solid at 1.36 million metric tons (mmt) of old crop and
122,700 metric tons (mt) of new. 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 we have edged below at midday with the
fresh high at $4.87 1/2 as resistance.
SOYBEANS:
Soybean futures are 9 to 11 cents lower at midday with trade falling back
into support levels as well as oil fading further from the highs. Meal is flat
to 1.00 higher and oil is 135 to 145 points lower. South America will continue
to have the advantage in the world export market. Basis should remain flat to
softer in the near term. The daily wire stayed quiet with weekly sales still
soft at 141,900 mt old crop, 5,500 mt new with meal at 312,100 mt old crop, and
23,700 mt new with 1,000 mt of oil. Planting and emergence should pick up into
next week as the weather clears. On the July contract chart, support is $11.89,
where we find the 20-day moving average, which we are just below at midday, and
resistance is the contract high at $12.40.
WHEAT:
Wheat futures are 10 to 21 cents lower with KC the downside leader as we
follow row crops back to support levels with the broad commodity selling this
morning. The western Plains are expected to see a wetter second week with the
spring wheat areas remaining on the drier side. Matif wheat is weaker as well.
Black sea area weather continues to show little short-term change. Weekly
export sales stayed rangebound at 78,800 mt of old crop, and 187,500 mt of new.
On the KC July chart, support is the 20-day moving average at $6.66 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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