DTN Midday Grain Comments     07/08 10:55

   Corn, Wheat Futures Lower at Midday Wednesday; Soybean Higher

   Corn futures are 6 to 7 cents lower at midday Wednesday; soybean futures are 
1 to 2 cents higher; wheat futures are 3 to 6 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 6 to 7 cents lower at midday Wednesday; soybean futures are 
1 to 2 cents higher; wheat futures are 3 to 6 cents lower. The U.S. stock 
market is weaker at midday with the S&P 75 points lower. The U.S. Dollar Index 
is 20 points higher. The interest rate products are weaker. Energy trade is 
sharply higher with crude up 4.90 and natural gas flat. Livestock trade is 
mixed with hogs leading. Precious metals are weaker with gold off 120.00.

CORN:

   Corn futures are 6 to 7 cents lower at midday trade with action working to 
consolidate the recent gains and spillover support from soybeans easing. Weekly 
ethanol production was 24,000 barrels per day lower with stocks 800,000 barrels 
lower. Weekly export sales are expected to be in the 600,000 to 800,000 metric 
ton (mt) range Thursday. Weather is expected to remain warmer than normal in 
the short term with rains active across many parts of the Corn Belt and the 
extended forecast moderating a bit. Basis action looks to remain flat in the 
short term. On the September chart, the 20-day moving average at $4.24 1/2 is 
support with the upper Bollinger Band at $.40 as resistance, which we are just 
below overnight.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher at midday with November action 
getting back to the $12.00 area before fading with oil leading the product 
complex as energies surge. Meal is 4.00 to 5.00 lower and oil is 220 to 230 
points higher. Basis should find support from the product rebound boosting 
crush margins in the short term. Weather should support short-term development 
for most with temps remaining somewhat elevated and mixed rain coverage. The 
daily export wire saw 472,000 metric tons sold to China. Weekly export sales 
are expected to be in the 300,000 to 500,000 metric ton range Thursday. On the 
September contract, chart support is the 20-day moving average at $11.38 with 
the Upper Bollinger Band at $11.80 as resistance and the $12.00 area the next 
level of resistance above us.

WHEAT:

   Wheat futures are 3 to 6 cents lower with early gains fading as the firmer 
dollar and weaker corn add some negative spillover as we consolidate the early 
week rally. Harvest should continue to roll forth as it gets past the 
two-thirds point for winter wheat with warmer temps likely to push spring wheat 
along. Matif wheat is flat as the euro weakens. 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 $6.62 the next level higher.

   **

   Join us for DTN's post-report webinar at 12:30 p.m. CDT on Friday, July 10, 
as we discuss USDA's new estimates in light of recent market events. Questions 
are welcome, and registrants will receive a replay link for viewing at their 
convenience. Register here for Friday's USDA WASDE webinar: 
https://www.dtn.com/wasde-webinars/.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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