DTN Midday Grain Comments     06/04 10:48

   Corn, Soybean, Wheat Futures All Lower at Midday Thursday

   Corn futures are 8 to 9 cents lower at midday Thursday; soybean futures are 
29 to 30 cents lower; wheat futures are 5 to 8 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 8 to 9 cents lower at midday Thursday; soybean futures are 
29 to 30 cents lower; wheat futures are 5 to 8 cents lower. The U.S. stock 
market is mixed at midday with the S&P 18 points higher. The U.S. Dollar Index 
is 20 points lower. The interest rate products are firmer. Energy trade is 
mixed with crude off 3.30 and natural gas up .14. Livestock trade has cattle 
leading as they shake off screwworm concerns. Precious metals are firmer with 
gold up 30.00.

CORN:

   Corn futures are 8 to 9 cents lower with another set of fresh lows Thursday 
morning with risk-off action overall, good near-term weather, and little other 
fresh bullish news with trade getting more oversold. Ethanol margins should 
remain solid with corn pulling back more than unleaded. The daily export wire 
saw 115,000 metric tons of corn sold to Columbia. Weekly export sales were 
softer at 883,300 metric tons (mt) old crop and 243,700 mt of new. Basis 
continues to hold the recent range for now. Weather looks to keep the west 
wetter in the short term with better rains moving toward the center of the belt 
with temps to remain above normal. On the July chart, the 20-day moving average 
at $4.62 is resistance with the fresh low at $4.22 as support, which we scored 
today.

SOYBEANS:

   Soybean futures are 29 to 30 cents lower at midday with broad product 
weakness as long liquidation continues across the board and we get oversold 
with fresh bullish news remaining limited. Meal is 7.50 to 8.50 lower and oil 
is 240 to 250 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, but they are fading to the lower end of the 
range. Weekly export sales were soft at 276,900 mt old crop; 243,000 mt new; 
meal was 169,300 of old 62,400 of new; oil at zero. Planting should wrap up 
except for double-crop. On the July contract, chart resistance is the 20-day 
moving average at $11.92 with the fresh low at $11.24 as support.

WHEAT:

   Wheat futures are 5 to 8 cents lower with trade failing to bounce from the 
fresh lows scored overnight with row-crop spillover and harvest pressure 
continuing. Harvest should continue to expand with rains slowing early progress 
in some areas, while spring wheat development should be aided by rains. Matif 
wheat is weaker. Weekly export sales had -642,200 mt of old crop and 838,500 mt 
of new. On the KC July chart, resistance is the 20-day moving average at $6.80 
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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