DTN Midday Grain Comments     06/02 11:28

   Corn, Soybean, Wheat Futures All Lower at Midday Tuesday

   Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 
11 to 12 cents lower; wheat futures are 8 to 14 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 
11 to 12 cents lower; wheat futures are 8 to 14 cents lower. The U.S. stock 
market is firmer at midday with the S&P 15 points higher. The U.S. Dollar Index 
is 5 points lower. The interest rate products are firmer. Energy trade is flat 
with crude off .55 and natural gas off .03. Livestock trade is mostly lower 
with hogs leading. Precious metals are firmer with gold up 25.00.

CORN:

   Corn futures are 3 to 4 cents lower at midday with trade scoring fresh lows 
for the move and spread action firming a bit amid the broad, risk-off trade. 
Ethanol margins should hold the recent gains with the corn pullback while 
unleaded consolidates off the highs. Basis continues to hold the recent range 
for now. Weather looks to keep the west wetter in the short term with temps 
holding gains. The weekly Crop Progress report showed 67% good to excellent and 
5% poor to very poor with 93% planted versus 92% on average and 76% emerged 
versus 74% on average. On the July chart, the 20-day moving average at $4.68 is 
resistance with the recent low at $4.39 as support, which we scored this 
morning.

SOYBEANS:

   Soybean futures are 11 to 12 cents lower at midday with trade working just 
off the early lows with products flat as oil works to consolidate the fresh 
highs. Meal is narrowly mixed and oil is 65 to 75 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 range into June. 
Planting should wrap up except for double-crop soon. Weekly crop progress 
showed 66% good to excellent and 5% poor to very poor with 87% planted versus 
80% on average and 65% emerged versus 57% on average. On the July contract, 
chart resistance is the 20-day moving average at $12.01 with support the lower 
Bollinger Band at $11.74, which we are testing this morning.

WHEAT:

   Wheat futures are 8 to 14 cents lower at midday with trade continuing to 
sell off into harvest as we get more oversold and long liquidation continues. 
Weekly crop progress showed wheat 5% harvested versus 3% on average and 87% 
headed versus 79% on average. Conditions were unchanged at 26% good to 
excellent and 44% poor to very poor for winter wheat with spring wheat 47% good 
to excellent and 6% poor to very poor. Spring wheat was 94% planted versus 89% 
on average and 72% emerged versus 67% on average. Matif wheat is lower as well. 
On the KC July chart, resistance is the 20-day moving average at $6.87 with the 
fresh low at $6.32 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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