DTN Midday Grain Comments     06/03 10:51

   Corn, Soybean Futures Higher at Midday; Wheat Mixed

   Corn futures are 1 to 3 cents higher at midday Tuesday; soybean futures are 
4 to 6 cents higher; wheat futures are 6 cents lower to 2 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 3 cents higher at midday Tuesday; soybean futures are 
4 to 6 cents higher; wheat futures are 6 cents lower to 2 cents higher. The 
U.S. stock market is firmer with the S&P 25 points higher. The U.S. Dollar 
Index is 50 points higher. The interest rate products are mixed. Energy trade 
is firmer with crude 1.20 higher and natural gas .02 lower. Livestock trade is 
firmer. Precious metals are weaker with gold off 26.00.

CORN:

   Corn futures are 1 to 3 cents higher at midday with trade rebounding off 
fresh lows as we start to ease the increasingly oversold conditions while 
spread action remains softer. Ethanol margins will need sustained unleaded 
gains to boost blender and producer margins. Cooler wetter weather is expected 
to return for many in the short-term. Weekly crop progress showed planting at 
93%, same as average; emergence 78% versus 77% on average; good to excellent at 
69%, up 1%. Basis continues to hold the recent range. On the July chart, the 
20-day moving average at $4.50 is resistance with the lower Bollinger Band at 
$4.36 as support, which we tested overnight.

SOYBEANS:

   Soybean futures are 4 to 6 cents higher at midday with firmer spread action 
and oil taking the lead with firmer energy values on the product side into 
midday. Meal is flat to 1.00 lower and oil is 40 to 50 points higher. Planting 
will hit the homestretch with a return to cooler, wetter weather in the 
short-term. Weekly crop progress was 84% planted versus 80% on average; 
emergence 63% versus 57%; initial conditions at 67% good to excellent and 5% 
poor to very poor. Basis should remain sideways in the short term. On the July 
chart, resistance is the 20-day moving average at $10.53 with lower Bollinger 
Band at $10.29 the next round lower, which we have tested this AM.

WHEAT:

   Wheat futures are 6 cents lower to 2 cents higher with winter wheat leading 
as spring wheat eases gains after conditions improved while spread unwinding 
boosts the winter wheat. The hard red wheat areas are expected see further 
rains on areas of the Southern Plains, which could cause some quality concerns 
on the weekly report. Weekly crop progress showed winter wheat 83% headed 
versus 79% on average; 3% harvested same as average; good to excellent at 52% 
(+2%) and 18% poor to very poor. Spring wheat 95% planted versus 90% on 
average; 73% emerged versus 69% on average; 50% good to excellent (+5%) and 5% 
poor to very poor. MATIF wheat is flat to firmer. On the KC July chart, support 
is the 20-day moving average at $5.28 with the Upper Bollinger Band at $5.48 
the next round up.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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