DTN Midday Grain Comments 05/30 10:53

DTN Midday Grain Comments 05/30 10:53 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 8 to 14 cents lower at midday Tuesday; soybean futures are 26 to 32 cents lower; wheat futures are 20 to 33 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 8 to 14 cents lower at midday Tuesday; soybean futures are 26 to 32 cents lower; wheat futures are 20 to 33 cents lower. The U.S. stock market is mixed with the S&P up 2 points. The U.S. Dollar Index is 10 points lower. Interest rate products are firmer. Energies are weaker with crude 2.70 lower and natural gas off .11. Livestock trade is sharply higher. Precious metals are mixed with gold off 15.50. CORN: Corn futures are 8 to 14 cents lower at midday with spread action remaining firmer. Spillover negativity is dragging action lower after early two-sided trade while we wait for further weather forecasts. Ethanol margins have faded a little with corn and unleaded lower. Weekly export inspections improved at little at 1.313 million metric tons (mmt). Basis continues to hold a softer tone as fieldwork slows into June. The second crop in Brazil continues to head toward the home stretch with cheap enough offers to control export business. Weekly crop progress should show planting near the end with first conditions in line with recent years, while trade waits for rains to move to the Eastern Corn Belt. On the July chart we have support at the 20-day moving average at $5.83 with the Upper Bollinger Band at $6.11. SOYBEANS: Soybean trade is 26 to 32 cents lower at midday with action turning back lower. Product values continue to slide, keeping selling pressure on the market despite steady to firmer spread action. Meal is $4.00 to $5.00 lower, and oil is 215 to 235 points lower. Weekly export inspections remained soft seasonally at 239,736 metric tons (mt). Basis will likely remain a little softer as fieldwork catches up more. Weekly crop progress is expected to show planting and emergence remaining ahead of the five-year average. July chart support is the $13.00 area with the lower Bollinger Band just below that at $12.85. The 20-day moving average is still well above the market at $13.72. WHEAT: Wheat futures are 20 to 33 cents lower at midday with Chicago still leading. Spread action continues to unwind up front with early harvest on the Plains likely to be slowed by the recent rains, while spring wheat planting wraps up. Little fresh news has been seen on the world front. European and Black Sea wheat is moving forward in the growing season and no major political changes. The dollar is just off the recent highs, with Matif wheat softer to start the week. Weekly export inspections were in line with recent weeks at 382,031 mt. Weekly crop progress should show winter wheat conditions slightly better with heading at average, while spring wheat emergence will continue to lag the five-year average. On the KC July Chart, the lower Bollinger band at $7.59 is support, with $8.00 becoming the first level of resistance. David Fiala can be reached at dfiala@futuresone.com Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.