DTN Midday Grain Comments 05/17 10:47

DTN Midday Grain Comments 05/17 10:47 New-Crop Futures Down Midday Monday Corn is 3 to 4 cents higher with new crop 2 to 3 cents lower, soybeans are 4 to 5 cents higher with new crop 7 to 8 cents lower and wheat 9 to 25 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: The U.S. stock market is weaker with the Dow down 180 points. The U.S. Dollar Index is 0.09 lower. Interest rate products are mixed. Energies are firmer with crude up $0.60. Livestock trade is mostly lower. Precious metals are firmer with $27.50 higher. CORN: Corn trade is 3 to 4 cents higher at midday, with new crop flat to 1 cent lower; bouncing off the overnight lows into the day session but failing to hold the highs even with China securing another 1.7 million metric tons of new crop and 128,000 of new crop going to Mexico. Ethanol margins should get a boost from the corn pullback with energy holding the upper end of the range. Weather looks to warm up with better moisture for many areas. Brazil continues to struggle with dryness during pollination with crop estimates still falling but time running out to change the crop size much in either direction, albeit with some relief rains out there. Corn basis wobbled a little bit with the river issues. Weekly export inspections were good at 1.892 million metric tons. Weekly crop progress should show corn planting nearing the home stretch and emergence just ahead of normal with warmer weather needed. On the July contract, chart resistance is the 20-day at $6.69, with support the fresh low at $6.33. SOYBEANS: Soybeans are 4 to 5 cents higher at midday with new crop 4 to 6 cents lower as trade backs away from the front month test of $16.00 with little fresh news. Meal is $1.00 to $2.00 lower and oil 1.40 cents to 1.50 cents higher. Planters will continue to roll short term with some areas of rain slowing action and warmer temps to boost emergence by the end of the week, with planting to be well ahead of normal and emergence just above average. Weekly export inspections improved a bit at 308,800 metric tons. South America should continue to see shipping progress short term, while domestic crush will carry U.S. basis with oil leading during the day session. On the July soybean chart, support is the 20-day at $15.47, with resistance the fresh high at $16.39. WHEAT: Wheat trade is 9 to 25 cents lower at midday with Minneapolis the downside leader with winter wheats holding up better. Seasonal weather on the Plains should boost growth with big rains in parts of Kansas and a better forecast for the North, with conditions likely steady for winter wheat and heading trailing, while spring wheat planting hits the homestretch and emergence likely just short of 50% to put the first condition report to next week. Weekly export inspections were pretty good at 685,500 metric tons. Other Northern Hemisphere weather will continue to be watched as well with little fresh news. The dollar remaining at the lower end of the range should add support as well. KC July on the chart has remains below the 20-day at $6.88 with the lower Bollinger Band below that at $6.31. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2021 DTN, LLC. All rights reserved.