DTN Midday Grain Comments     07/21 10:49

   Soybean Futures are Lower at Midday Tuesday; Corn, Wheat Flat-Lower

   Corn futures are flat to 1 cent lower at midday Tuesday; soybean futures are 
7 to 10 cents lower; wheat futures are flat to 5 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent lower at midday Tuesday; soybean futures are 
7 to 10 cents lower; wheat futures are flat to 5 cents lower. The U.S. stock 
market is firmer at midday with the S&P 60 points higher. The U.S. Dollar Index 
is 15 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude 1.50 higher and natural gas .01 higher. Livestock trade is 
mixed with hogs leading. Precious metals are firmer with gold up 65.00.

CORN:

   Corn futures are flat to 1 cent lower at midday with trade backing off the 
upper end of the range with short-term weather improvements and little other 
fresh bullish news around to keeping buyers aggressive Tuesday. Ethanol margins 
should remain solid but will face headwinds from overall driving demand 
weakness. Weather should see a cooler and wetter stretch for much of the Corn 
Belt through midweek before warming again into the weekend. Weekly crop 
progress is showing good to excellent at 67% (down one percentage point) and 
poor to very poor at 9% (up one percentage point) with 59% silking versus 54% 
on average and 13% in the dough versus 11% on average. On the September chart, 
the 20-day moving average at $4.33 is support with the upper Bollinger Band at 
$4.56 as resistance.

SOYBEANS:

   Soybean futures are 7 to 10 cents lower at midday with soft spread action as 
products drift sideways after the strong start to the week. Meal is flat to 
1.00 higher and oil is 55 to 65 points lower. Basis should stay flat with crush 
margins holding the recent range. Weather looks to show short-term improvement 
before warming into key podfill season. Weekly crop progress showed good to 
excellent at 66% (up one percentage point) and 8% poor to very poor (steady) 
with 66% blooming versus 60% on average and 32% setting pods versus 24% last 
year. On the September contract, chart support is the 20-day moving average at 
$11.66 with the Upper Bollinger Band at $12.25 as resistance.

WHEAT:

   Wheat futures are flat to 5 cents lower at midday with trade easing back 
from the upper end of the range again as overbought conditions ease and we look 
for further direction from row crops and Black Sea events for the balance of 
the session. Weekly crop progress showed winter wheat 74% good to excellent 
versus 71% on average as we wind down harvest further. Spring wheat declined to 
53% good to excellent (down five percentage points) and 12% poor to very poor 
(up 2 percentage points) with spring wheat areas to see some relief this week. 
Matif wheat and euro corn are broadly lower as they ease overbought conditions. 
On the KC September chart, support is the 20-day moving average at $6.67 with 
the fresh high for the move at $7.40 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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