DTN Midday Grain Comments     08/07 10:41

   Corn, Soybean, Wheat Futures All Higher at Midday Friday

   Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 1 
to 2 cents higher; wheat futures are 10 to 16 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 1 
to 2 cents higher; wheat futures are 10 to 16 cents higher. The U.S. stock 
market is firmer at midday with the S&P 50 points higher. The U.S. Dollar Index 
is 36 points lower. The interest rate products are firmer. Energy trade is 
firmer with crude up 1.00 and natural gas .03 cents higher. Livestock trade is 
mostly lower. Precious metals are firmer with gold up 100.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday, with trade bouncing off the 
test of the low end of the range Thursday, as we head toward the weekend with 
little fresh news otherwise with choppy overall action. Ethanol margins remain 
strong in the short term with unleaded turning back higher to boost blenders. 
The daily export wire saw a sale of 286,097 metric tons (mt) to Mexico. Weather 
looks non-threatening for most in the short term, with rains expected to stay 
in the middle of the Corn Belt into next week. Basis will likely drift lower 
except for the west in the short term. On the September chart, the 20-day 
moving average at $4.48 has become resistance, with the fresh low scored 
Thursday at $4.34 as support.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher at midday, with action struggling to 
follow the grains so far as we work to move off the lower end of the range with 
little immediate weather change or fresh news. Meal is 1.00 to 2.00 lower and 
oil is 45 to 55 points higher. Basis will likely ease as product action drifts 
along. Weather looks to show short-term improvement with pod fill concerns 
easing a little bit into midmonth. The daily export wire saw action with 
238,000 mt sold to China for new crop. On the September contract chart, 
resistance is the 20-day moving average at $11.89, where we find the 20-day 
with support the Lower Bollinger Band at $11.43.

WHEAT:

   Wheat futures are 10 to 16 cents higher with KC action leading as we try to 
reverse off the fresh lows scored Thursday. We are getting more oversold and 
fresh news from the Black Sea and Europe remains limited overall. Spring wheat 
areas should see harvest expand further with rains needed for the south soon 
ahead of early planting season. Matif wheat is firmer despite the Euro firming. 
On the KC September chart, resistance is the 20-day moving average at $7.20, 
which we tested with the $7.00 area as support and we bounced from overnight.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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