DTN Midday Grain Comments     06/24 10:56

   Corn Futures Flat-Lower at Midday Wednesday; Soybeans Lower; Wheat 
Flat-Higher

   Corn futures are flat to 1 cent lower at midday Wednesday; soybean futures 
are 1 to 2 cents lower; wheat futures are flat to 8 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 1 cent lower at midday Wednesday; soybean futures 
are 1 to 2 cents lower; wheat futures are flat to 8 cents higher. The U.S. 
stock market is firmer at midday with the S&P 55 points higher. The U.S. Dollar 
Index is 20 points higher. The interest rate products are firmer. Energy trade 
is weaker with crude off 3.20 and natural gas up .05. Livestock trade is mixed 
with cattle leading. Precious metals are weaker with gold off 120.00.

CORN:

   Corn futures are flat to 1 cent lower at midday with action continuing just 
above the recent lows after the test of support Tuesday and bullish news 
remaining in short supply. Weekly ethanol production was 12,000 barrels a day 
lower, and stocks were up 100,000 on the week. The daily export wire was quiet 
with weekly sales expected to be in the 1.0 to 1.2 million metric ton (mmt) 
range Thursday. Weather looks to keep concerns limited with the Northern Corn 
Belt staying wetter in the short term with little immediate temperature concern 
but a warmer extended forecast holding for now. Basis action looks to remain 
flat in the short term. On the July chart, the 20-day moving average at $4.24 
3/4 is resistance with the recent low at $4.06 1/2 as support.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower with sideways action continuing as 
meal tries to build momentum. Soy oil continues to sag with fresh export demand 
confirmation still limited. Meal is 2.50 to 3.50 higher and oil is 40 to 50 
points lower. Basis should stay flat but sliding crush margins could limit 
further upside. Weather should allow for good development in the short term 
with trade likely to start watching the extended forecast more. The daily wire 
was quiet again with weekly sales expected to be in the 600,000 to 800,000 
metric ton (mt) range between old- and new-crop. On the July contract chart, 
resistance is the 20-day moving average at $11.37 where we find the recent low 
at $11.04 1/2 as support.

WHEAT:

   Wheat futures are flat to 8 cents higher at midday with light buying after 
we faded Tuesday with harvest pressure to continue along with the strong dollar 
as a limiting factor while heat in Europe adds support. Harvest should continue 
to roll forth after recent storms with spring wheat areas likely to stay in 
good shape in the short term. Matif wheat is solidly higher again today. Weekly 
export sales are expected to be in the 350,000 to 550,000 mt range. On the KC 
July chart, resistance is the 20-day moving average at $6.37 with the recent 
low at $6.15 1/2 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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