DTN Midday Grain Comments     06/03 10:51

   Corn, Soybean, Wheat Futures All Lower at Midday Wednesday

   Corn futures are 4 to 5 cents lower at midday Wednesday; soybean futures are 
2 to 3 cents lower; wheat futures are 8 to 14 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents lower at midday Wednesday; soybean futures are 
2 to 3 cents lower; wheat futures are 8 to 14 cents lower. The U.S. stock 
market is weaker at midday with the S&P 33 points lower. The U.S. Dollar Index 
is 22 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up 1.65 and natural gas up .02. Livestock trade is mostly 
lower with hogs leading. Precious metals are weaker with gold off 35.00.

CORN:

   Corn futures are 4 to 5 cents lower with early gains fading again as trade 
gets more oversold and bullish news remains in short supply as another set of 
fresh lows come in. Weekly ethanol production was 18,000 barrels per day higher 
and stocks were 400,000 barrels lower. The daily export wire saw 136,000 metric 
tons (mt) of corn sold to South Korea. Weekly export sales are expected to be 
in the 700,000 to 1.0 million metric ton (mmt) range. 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 $4.35 as support, which we scored this morning.

SOYBEANS:

   Soybean futures are 2 to 3 cents lower with early gains fading again with 
spreads weaker as new crop remains flat with oil continuing to lead the product 
complex. Meal is 2.50 to 3.50 lower and oil is 60 to 70 points higher. South 
America will continue to move post-harvest bushels on to the world market as 
harvest wraps up. Basis and crush margins look to hold the recent range into 
June. Weekly export sales are expected to be in the 400,000 to 600,000 mt 
range. Planting should wrap up except for double-crop soon enough with rains to 
support emergence in the west. On the July contract, chart resistance is the 
20-day moving average at $11.95 with support the lower Bollinger Band at $11.62.

WHEAT:

   Wheat futures are 8 to 14 cents lower with early gains evaporating again as 
we score fresh lows as harvest pressure continues to build and broad risk-off 
trade picks up. 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 lightly weaker. On the KC July chart, resistance is the 
20-day moving average at $6.80 with the fresh low at $6.23 as support.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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