DTN Midday Grain Comments     05/20 10:52

   Corn, Wheat Futures Higher at Midday; Soybeans Mixed

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
narrowly mixed; wheat futures are 8 to 14 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
narrowly mixed; wheat futures are 8 to 14 cents higher. The U.S. stock market 
is weaker with the S&P 15 points lower. The U.S. Dollar Index is 15 points 
lower. The interest rate products are mixed. Energy trade is mixed with crude 
.30 lower and natural gas .27 higher. Livestock trade is mostly lower. Precious 
metals are firmer with gold up 48.00.

CORN:

   Corn futures are 4 to 5 cents higher at midday as we extend the Monday gains 
with mixed spread action as we press back toward the next level of resistance. 
Ethanol margins are under a little pressure with corn firming and unleaded 
flat. Rains will slow planting this week for many, but the weekly report showed 
78% planted versus 73% on average. Emergence is 50% emerged versus 38% on 
average. The first condition rating will be next week. Basis should remain 
fairly sideways near term. Double crop in Brazil continues to develop with 
little issue. On the July chart, the 20-day moving average at $4.60 is 
resistance with support the recent low at $4.36 1/2.

SOYBEANS:

   Soybean futures are narrowly mixed at midday with choppy trade continuing as 
we hold just below nearby resistance with meal leading quiet product action. 
Meal is 1.50 to 2.50 higher and oil is 50 to 60 points lower. South American 
harvest pressure will continue to fade as it hits the homestretch. Planting 
will be slowed by near-term rains. But planting and emergence are well ahead at 
66% planted versus 53% on average and 34% emerged versus 23% on average. Basis 
should remain sideways short term. On the July chart, resistance is the 20-day 
moving average at $10.54, which we remain just below, with the Lower Bollinger 
Band at $10.33 as support.

WHEAT:

   Wheat futures are 8 to 14 cents higher at midday with broader short-covering 
as KC trade pushes back through nearby resistance. The hard red wheat areas are 
expected to see near normal moisture for the balance of the month with spring 
wheat areas plenty wet for now. Weekly crop progress showing good to excellent 
down 2% to 52% and 18% poor to very poor. Heading is at 64% versus 57% on 
average, with spring wheat 82% planted versus 65% on average, and 45% emerged 
versus 34% on average. MATIF wheat is solidly higher Tuesday, adding support. 
Weekly export inspections were OK at 423,785 metric tons (mt) with year-to-date 
pace at 116%. On the KC July chart, resistance is the 20-day moving average at 
$5.30, which we are just above at midday, with the next level of support the 
fresh low at $5.00 1/4.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




(c) Copyright 2025 DTN, LLC. All rights reserved.