DTN Midday Grain Comments 05/12 11:31

DTN Midday Grain Comments 05/12 11:31 Not Much Movement in Grains at Midday Trade is flat to lower at midday. By David Fiala DTN Contributing Analyst General Comments The U.S. stock market indices are flat to lower with the Dow futures down 18. The interest rate products are higher. The dollar index is 39 lower. Energies are mixed with crude down 0.15. Livestock trade is higher, with cattle leading. Precious metals are higher with gold $4.20 higher. CORN Corn trade is flat to 1 cent lower at midday in quiet trade so far with a range of just over three cents so far. Weather looks to allow for better progress in the near term with the wetter areas remaining slow for now with the amount of replant acres up in the air with the trade watching for follow up storms. Ethanol margins are narrower but the bouncing crude values should add some support going into the weekend, with ethanol futures bouncing this morning. The July chart support is at the $3.60 3/4 four-month low. The 10-, 20-, 50-, and 200-day averages are all clustered at $3.69-3.70 with the 100-day at $3.74 with trade grinding right around that areas at midday. SOYBEANS Soybean trade is flat to 3 cents lower at midday with trade staying defensive with supply concerns weighing on the market after CONAB bumped Brazilian production to 113 million metric tons, up from 110.2 last month along with bigger world numbers Wednesday. Meal is flat to $1 lower and soybean oil is 30 to 40 points higher, reversing much of the crush action for the week. South American competition for export bushels should remain strong the in near term with currency trade having more of an impact on Brazilian farmers. July beans slipped below the 20-day at $9.65 which becomes resistance with support at the $9.47 April low. WHEAT Wheat trade is narrowly mixed at midday with two-sided trade so far today with trade looking for another positive finish. Storms have battered much of southern Kansas the last couple of days with damage still being assessed from last week's storm. Warmer weather should help to advance crop maturity in the near term after the recent slowdown. World weather will continue to be watched with Russia and China gaining more focus coming forward. On the July Kansas City contract support is the 20-day at $4.37 and the 50-day at 4.45 is resistance. David Fiala is a DTN contributing analyst and the President of FuturesOne and a registered Advisor. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (BAS) Copyright 2017 DTN/The Progressive Farmer. All rights reserved.