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DTN Midday Grain Comments     05/06 10:51

   Corn, Soybeans Scoring New Contract Highs

   Corn is 6 to 8 cents higher with new crop 14 to 16 cents higher, soybeans 
are 24 to 26 cents higher with new crop 21 to 23 cents higher and wheat 1 to 3 
cents higher.

David M. Fiala
DTN Contributing Analyst


   The U.S. stock market is firmer with the Dow up 150 points. The U.S. Dollar 
Index is 0.38 lower. Interest rate products are higher. Energies are weaker 
with crude down $0.60. Livestock trade is weaker. Precious metals are stronger 
with gold up $32.20.


   Corn trade is 6 to 8 cents higher on July and 14 to 16 cents higher on 
December at midday with weaker spread action ongoing as new contract highs are 
scored again due to spillover from soybeans and weather concerns. Ethanol 
margins will see pressure from corn values, but good driving demand and tight 
stocks will mostly offset short term. Trade will continue to watch for rains to 
benefit the rapid early corn planting progress, with some key areas still short 
of moisture. Brazil continues to struggle with dryness during pollination. Corn 
basis is holding firm throughout the belt. Weekly export sales were soft at 
137,400 metric tons old crop and 106,200 metric tons of new. On the July 
contract, chart resistance is the fresh contact high at $7.22 1/2 with support 
the recent low at $6.29 1/2.


   Soybeans is 24 to 26 cents higher at midday on the front months, and 9 to 11 
higher on new crop with fresh highs scored on new crop. Meal is $1.00 to $2.00 
higher and oil is 0.70 cent to 0.80 cent higher. Planters will continue to roll 
short term with some areas of rain slowing action, but we will remain well 
ahead of normal with northern areas still dry. South America should continue to 
see shipping progress with some Argentina soybeans starting to move. Weekly 
export sales were mixed at 165,300 metric tons of old crop and 192,200 metric 
tons of new crop; meal was 202,000 of old and 64,700 of new, and oil at 6,100. 
On the July soybean chart, support is the recent low at $14.90, with resistance 
the upper Bollinger Band at $15.97.


   Wheat trade is 1 to 3 cents higher at midday with the higher protein wheats 
leading as trade works to follow the row crops further. KC is at 25-cent 
discount to Chicago with Minneapolis now 40 cents above Chicago. Seasonal 
weather on the Plains should boost growth with dry concerns for spring wheat 
staying in place. Other Northern Hemisphere weather will continue to be watched 
as well. Weekly export sales were disappointing at -95,600 metric tons and new 
crop at 399,620 metric tons. KC July on the chart has support at the recent low 
of $6.86 3/4 and resistance the upper Bollinger Band at $7.52.

   David Fiala can be reached at 

   Follow him on Twitter @davidfiala

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