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DTN Midday Grain Comments     06/05 11:09

   Grains Mixed at Midday

   Corn is 1 to 2 cents higher, soybeans are 1 to 2 cents higher, and wheat is 
8 to 9 cents lower.

David Fiala,DTN Contributing Analyst

   The U.S. stock market is sharply higher with the Dow 1000 points higher. The 
dollar index is 8 points higher. Interest rate products are weaker. Energies 
are firmer with crude up $1.60. Livestock trade is mixed with hogs leading. 
Precious metals are lower with gold down $44.


   Corn trade is 1 to 2 cents higher with trade holding the upper end of the 
recent range but lacking the spark to take out the overhead resistance levels 
so far. Ethanol margins remain stable with improvements in driving demand so 
far this week and energy strength on further OPEC cuts with unleaded up a 
nickel. Warmer drier weather for most is expected for the bulk of the week 
before cooling next week with the west staying dry. Basis has been mostly 
steady this week. On the July contract support is the 20-day at $3.20, and 
resistance the fresh high at $3.31 which we are testing at midday.


   Soybean trade is 1 to 2 cents higher at midday with trade looking to 
consolidate the breakout going into the weekend with the real gaining vs. the 
dollar this a.m., along with sales of 330,000 and 258,000 metric tons announced 
to unknown. Meal is flat to $1.00 lower, and oil is 30 to 40 points higher. 
South America continues to move soybeans on to the export market as harvest 
winds down with the real gaining vs. the dollar. Crush margins remain solid for 
the time being. The July soybean chart support is the upper Bollinger band at 
$8.66 that we have surged above with resistance the $8.90 area that was earlier 
spring high.


   Wheat trade is 7 to 9 cents lower with selling pressure on the dollar 
flattening out, and with trade heading into a harvest weekend. The plains look 
to trend warmer and drier to push the crop along this week with harvest 
starting to expand to the south, while European weather looks little changed. 
KC is at a 53-cent discount to Chicago on the July with steady action today, 
while Minneapolis is back to a 3 cent premium. The July KC chart support is the 
20-day at $4.58, with resistance the upper Bollinger Band at $4.80.

   David Fiala is a DTN contributing analyst and the President of FuturesOne 
and a registered adviser.
He can be reached at dfiala@futuresone.com
Follow him on Twitter @davidfiala

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