DTN Midday Grain Comments     06/14 10:49

   Corn, Soybean, Wheat Futures All Lower at Midday

   Corn futures are 3 to 6 cents lower at midday Thursday; soybean futures are 
3 to 6 cents lower; wheat futures are 4 to 6 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 6 cents lower at midday Thursday; soybean futures are 
3 to 6 cents lower; wheat futures are 4 to 6 cents lower. The U.S. stock market 
is weaker at midday with the S&P 12 points lower. The U.S. Dollar Index is 45 
higher. The interest rate products are mixed. Energy trade has crude .30 lower 
and natural gas .02 lower. Livestock trade is mixed with cattle leading. 
Precious metals are firming with gold up 28.00.

CORN:

   Corn futures are 3 to 6 cents lower with trade fading off the upper end of 
the week range with soft spread action heading towards the weekend after early 
strength. Ethanol margins should see little change going into the weekend. 
Warmer weather continues to be seen in the short-term forecast to boost early 
growth with rains confined to the north and west with heat stress expected to 
shade to the east. Basis action should continue to remain mostly sideways with 
softer spread action and fieldwork progress likely to add some pressure into 
the second half of the month. On the July chart the 20-day at $4.53 is support 
which trade will need to hold above to maintain momentum with the Lower 
Bollinger Band as further support at $4.37 which we bounced from last week.

SOYBEANS:

   Soybean futures are 3 to 6 cents lower at midday with the recent back and 
forth trade continuing with little fresh news to sustain direction. Meal is 
1.00 to 2.00 higher, and oil is 5 to 15 points lower. Spread action remains 
firmer this morning. Open weather should help planting wrap up, along with 
expanding double crop planting as wheat harvest moves ahead. South America 
should continue to lead the export market with daily wire quiet after the 
recent run. Basis should remain mostly steady short term. The July Chart 
resistance is at the 20-day moving average at $12.06 with support at the fresh 
low at 11.74 1/4.

WHEAT:

   Wheat futures are 4 to 6 cents lower at midday with light selling pressure 
continues as harvest moves forward and world values remain soft. Plains harvest 
should be moving past the 25% point will progress to continue to run well ahead 
of normal. The dollar is moving back higher in the range again with MATIF 
action working towards the lows. On the KC July Chart resistance is the 20-day 
at $6.83, with the lower Bollinger Band at $6.23 which we are holding above at 
midday. The 100-day moving average is at $6.15 which is the next downside major 
moving average.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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