DTN Midday Grain Comments     06/02 10:52

   Corn Futures Flat-Higher at Midday; Soybeans Lower; Wheat Higher

   Corn futures are flat to 1 cent higher midday Monday; soybean futures are 6 
to 8 cents lower; wheat futures are 2 to 12 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent higher midday Monday; soybean futures are 6 
to 8 cents lower; wheat futures are 2 to 12 cents higher. The U.S. stock market 
is weaker with the S&P 15 points lower. The U.S. Dollar Index is 60 points 
lower. The interest rate products are weaker. Energy trade is firmer with crude 
1.90 higher and natural gas .26 higher. Livestock trade is firmer. Precious 
metals are firmer with gold up 86.00.

CORN:

   Corn futures are flat to a penny higher with early gains fading as spreads 
come back to mixed after early strength and soybeans weakness limits upside. 
Ethanol margins continue to struggle with unleaded gains needing to hold to 
boost blender margins into summer. Cooler, wetter weather is expected to return 
for many short term. Weekly Crop Progress is expected to show planting and 
emergence just ahead of the five-year average, with conditions likely steady to 
slightly higher. The daily wire was quiet, with weekly export inspections 
strong at 1.576 million metric tons (mmt), keeping year-to-date pace at 129%. 
Basis continues to hold the recent range. On the July chart, the 20-day at 
$4.51 is resistance again, which we faded from with the lower Bollinger Band at 
$4.40 as support.

SOYBEANS:

   Soybean futures are 6 to 8 cents lower at midday with meal weakness leading 
products to the downside to open the week. Meal is 1.00 to 2.00 lower and oil 
is 40 to 50 points lower. Planting will hit the homestretch with a return to 
cooler, wetter weather short term to keep weekly Crop Progress just above the 
five-year average for planting and emergence with first conditions likely to be 
a bit below last year's start point. Basis should remain sideways short term. 
The daily wire was quiet with weekly export inspections in line with recent 
weeks at 268,343 metric tons (mt) with year-to-date pace at 111%. On the July 
chart, resistance is the 20-day at $10.54, with lower Bollinger Band at $10.32 
the next round lower, which we have tested this morning.

WHEAT:

   Wheat futures are 2 to 12 cents higher at midday with KC action leading with 
the cheaper dollar and quality concerns supporting early buying, while the 
spring wheat rally slows a bit. The hard red wheat areas are expected see 
further rain on areas of the Southern Plains, which could cause conditions to 
stay steady to lower on the weekly report, with heading and harvest likely to 
be at the five-year average. MATIF wheat is solidly higher. Weekly export 
inspections remain solid at 552,910 mt keeping year-to-date pace at 117%. On 
the KC July Chart, support is the 20-day at $5.28, with the Upper Bollinger 
Band at $5.48 the next round up, which we are testing at midday.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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