DTN Midday Grain Comments 05/26 10:48

DTN Midday Grain Comments 05/26 10:48 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 11 to 17 cents higher at midday Friday; soybean futures are 14 to 17 cents higher; wheat futures are 2 to 9 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 11 to 17 cents higher at midday Friday; soybean futures are 14 to 17 cents higher; wheat futures are 2 to 9 cents higher. The U.S. stock market is firmer with the S&P up 40 points. The U.S. Dollar Index is 15 points higher. Interest rate products are mostly weaker. Energies are mixed with crude .95 higher and natural gas off .09. Livestock trade is mostly weaker. Precious metals are mixed with gold off 3.50. CORN: Corn trade is 11 to 17 cents higher with July losing ground to December as weather concerns into the long weekend encourage a bit of short-covering; action is near the session highs and July is back past $6.00. Ethanol margins have narrowed a little bit with the corn rebound and unleaded fading back from the recent highs scored midweek. Basis continues to hold a softer tone as fieldwork slows down to allow for better movement into June. The second crop in Brazil continues to make good progress and develop cheaper summer offers and good continued crop progress with rains to help finish possible in the short term. Planting progress should head for the homestretch for most areas with warmer temps supporting emergence. The center and eastern parts of the Corn Belt is driest short term, which is catching some market attention. On the July chart we have support at the 20-day moving average at $5.82, that we closed above midweek; we have pushed about the $6.00 area at midday. SOYBEANS: Soybean trade is 14 to 17 cents higher at midday with trade looking to sustain short-covering with broader product strength so far and spillover action from corn and wheat. Meal is $7.50 to $8.50 higher and oil is 50 to 60 points higher. Basis will likely remain a little softer as fieldwork catches up. Planting progress will likely continue to move along in the short term with warmer weather to boost emergence, but rains will be wanted in many areas soon. July chart support is the $13.00 area with the lower Bollinger Band just below that at $12.95 and the 20-day moving average still well above the market at $13.77. WHEAT: Wheat futures are 3 to 9 cents higher at midday with Chicago retaking the lead as spread action gyrates and solid spillover comes from the row crops at midday with early strength fading a little bit with the dollar rebound. Spring wheat areas should see better progress in the short term with early moisture good while HRW heads for the homestretch on the remaining acres. The dollar is back to the upper end of the range with Matif wheat showing a little strength as well. On the KC July Chart, the 20-day moving average is support at the $8.00 area with trade holding below the 20-day moving average of $8.33 Friday morning. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.