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DTN Midday Grain Comments 05/06 10:46
Corn, Soybean, Wheat Futures All Lower at Midday Wednesday
Corn futures are 10 to 11 cents lower at midday Wednesday; soybean futures
are 19 to 20 cents lower; wheat futures are 10 to 15 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 10 to 11 cents lower at midday Wednesday; soybean futures
are 19 to 20 cents lower; wheat futures are 10 to 15 cents lower. The U.S.
stock market is sharply higher at midday with the S&P 85 points higher. The
U.S. Dollar Index is 45 points lower. The interest rate products are firmer.
Energy trade is sharply lower with crude off 7.25 and natural gas off .08.
Livestock trade is mixed with feeder cattle leading. Precious metals are firmer
with gold up 144.00.
CORN:
Corn futures are 10 to 11 cents lower at midday with apparent ceasefire
progress helping to fuel selling with trade just above the overnight lows.
Weekly ethanol production was 9,000 barrels per day higher, and stocks were
100,000 barrels higher on the week. The daily export wire was quiet again with
weekly sales expected to be in the 700,000 to 900,000 metric ton (mt) range
Thursday. Basis likely continues to hold the recent range into the start of
May. Open weather and temps edging back higher after today should support
planting across much of the Corn Belt. On the July chart, support is the 20-day
moving average at $4.66 with the fresh high at $4.87 1/2 as resistance.
SOYBEANS:
Soybean futures are 19 to 20 cents lower with the broad selling taking us
back toward the lows of the session. Meal is 1.00 to 2.00 lower and oil is 195
to 205 points lower. South America will continue to have the advantage in the
world export market. Basis should remain flat to softer in the near term. The
daily wire stayed quiet with weekly sales expected in the 200,000 to 400,000 mt
range. Planting and emergence should pick up into next week as the weather
clears. On the July contract chart, support is $11.89, where we find the 20-day
moving average, and resistance is the contract high at $12.40.
WHEAT:
Wheat futures are 10 to 15 cents lower at midday with row crop pressure
spilling over as we fade further from the highs short term and wait for further
short-term developments in weather and world events. The western Plains are
expected to see further short-term rain potential before a warmer pattern
returns to push maturity while spring wheat planting should move ahead with
drier conditions. Matif wheat is sharply lower. Black sea area weather
continues to show little short-term change. Weekly export sales are expected to
be in the 250,000 to 450,000 mt range. On the KC July chart, support is the
20-day moving average at $6.62 with the fresh high at $7.18 1/2 as resistance.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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