DTN Midday Grain Comments     07/07 10:50

   Soybean Futures Lower at Midday Tuesday; Corn, Wheat Mixed

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 1 to 
2 cents lower; wheat futures are flat to 3 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are narrowly mixed at midday Tuesday; soybean futures are 1 to 
2 cents lower; wheat futures are flat to 3 cents lower. The U.S. stock market 
is weaker at midday with the S&P 50 points lower. The U.S. Dollar Index is 10 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude up 1,85 and natural gas up .03. Livestock trade is broadly weaker. 
Precious metals are weaker with gold off 10.00.

CORN:

   Corn futures are narrowly mixed at midday with trade working to consolidate 
Monday's gains as spread action remains flat to soft. Ethanol margins are 
narrowing a bit as corn rebounds with unleaded action continuing to support 
blender margins. Weather is expected to remain warmer than normal for most with 
the rains mostly concentrated to the north in the short term. Weekly crop 
progress showed good to excellent at 67%, steady, and 7% poor to very poor, 
steady. Silking is at 16% versus 14% on average; 3% in the dough versus 2% on 
average. Basis action looks to remain flat in the short term. On the September 
chart, the 20-day moving average at $4.23 1/2 is support with the upper 
Bollinger Band at $4.36 as resistance, which we are just above at midday.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower at midday with meal continuing to 
lead the product complex as we work to consolidate the Monday surge higher. 
Meal is flat to 1.00 higher and oil is 20 to 30 points higher. Basis should 
find support from the product rebound boosting crush margins again. Weather 
should add some short-term heat stress with too much rain potentially north. 
Weekly crop progress showed 64% good to excellent, down one point, and 8% poor 
to very poor. Blooming was at 34% versus 28% on average; 9% setting pods versus 
6% on average. The daily export wire was quiet despite the rumored sales to 
China. On the September contract, chart support is the 20-day moving average at 
$11.33, with the Bollinger band at $11.80 as resistance and the $12.00 area the 
next level of resistance above us.

WHEAT:

   Wheat futures are flat to 3 cents lower in quiet action with Minneapolis 
leading as positive spillover from row crops slow and harvest pressure 
continues to linger. Harvest should continue to roll forth. Winter wheat is 59% 
harvested versus 51% on average; spring wheat is 54% headed, same as average; 
57% good to excellent, down 2 points, and 7% poor to very poor. Matif wheat is 
flat to slightly higher as the surge in feed grain values related to the 
heatwave slows. On the KC September chart, support is the 20-day moving average 
at $6.38, which we are working to consolidate above, with the Upper Bollinger 
Band at $6.59 the next level higher.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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