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DTN Midday Grain Comments     06/05 10:48

   Corn, Soybean, Wheat Futures All Lower at Midday Friday

   Corn futures are 4 to 5 cents lower at midday Friday; soybean futures are 1 
to 2 cents lower; wheat futures are 1 to 4 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Friday; soybean futures are 1 
to 2 cents lower; wheat futures are 1 to 4 cents lower. The U.S. stock market 
is weaker at midday with the S&P 90 points lower. The U.S. Dollar Index is 45 
points higher. The interest rate products are weaker. Energy trade is weaker 
with crude off 1.90 and natural gas off .08. Livestock trade has cattle leading 
as they shake off screwworm concerns with hogs seeing broad pressure. Precious 
metals are sharply lower with gold off 122.00.

CORN:

   Corn futures are 4 to 5 cents lower at midday with another set of fresh lows 
coming in as trade gets more oversold heading toward the weekend with broad 
risk-off action Friday. Ethanol margins should remain solid with corn pulling 
back more than unleaded to boost blender margins further. Basis continues to 
hold the recent range for now. Weather looks to keep concerns limited with 
rains moving to the center of the Corn Belt and warmer than normal temps 
expected to continue. On the July chart, the 20-day moving average at $4.57 is 
resistance with the fresh low at $4.19 1/4 as support, which we scored today.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower with products turning weaker as well 
as we struggle to ease oversold conditions after washing out further Thursday 
with the broad risk-off trade and further China confirmations lacking. Meal is 
2.50 to 3.50 lower and oil is 40 to 50 points lower. South America will 
continue to move post-harvest bushels onto the world market as harvest wraps 
up. Basis and crush margins look to hold the recent rang, but they are fading 
to the lower end of the range. The daily export wire saw 190,000 metric tons of 
meal sold to the Philippines. Planting should wrap up except for double-crop 
and warmer temps will support growth. On the July contract, chart resistance is 
the 20-day moving average at $11.88, where we find the 20-day moving average, 
with the fresh low at $11.20 as support.

WHEAT:

   Wheat futures are 1 to 4 cents lower with trade struggling to ease oversold 
conditions with harvest pressure and negative row-crop action keeping the 
pressure on trade in the short term. Harvest should continue to expand with the 
west drying out again in the short term, while spring wheat development should 
be aided by rains. Matif wheat is lightly higher with support from the weaker 
euro. On the KC July chart, resistance is the 20-day moving average at $6.74 
with the fresh low at $6.15 1/2 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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