DTN Midday Grain Comments     07/16 10:52

   Corn, Wheat Futures Lower at Midday Thursday; Soybeans Mixed

   Corn futures are 5 to 6 cents lower at midday Thursday; soybean futures are 
narrowly mixed; wheat futures are 2 to 4 cents lower. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Thursday; soybean futures are 
narrowly mixed; wheat futures are 2 to 4 cents lower. The U.S. stock market is 
mixed at midday with the S&P 14 points lower. The U.S. Dollar Index is 25 
points higher. The interest rate products are weaker. Energy trade is mixed 
with crude flat and natural gas .08 lower. Livestock trade is mostly lower with 
hogs leading. Precious metals are weaker with gold off 17.00.

CORN:

   Corn futures are 5 to 6 cents lower at midday with trade fading back from 
the fresh overnight highs as we wait for further weather and world developments 
with spread action softening. Ethanol blender margins should continue to 
improve but driving demand has been a bit softer. Weekly export sales were soft 
at 315,000 metric tons (mt) old crop and 311,200 mt new crop. Weather is 
expected to remain warmer than normal and drier than normal for most in the 
short term with the hottest forecast moderating into the middle of next week. 
On the September chart, the 20-day moving average at $4.29 3/4 is support with 
the upper Bollinger Band at $4.51 as resistance.

SOYBEANS:

   Soybean futures are narrowly mixed after early strength faded a bit as we 
continue to chop along the upper end of the range with little fresh news and 
meal leading product action. Meal is 3.50 to 4.50 higher and oil is flat to 10 
points lower. Basis should stay flat with crush margins drifting sideways. 
Weather looks to add a bit of short-term stress with warmth and less rain for 
much of the belt this week with the second week better for most. Weekly export 
sales were solid at 188,300 mt of old crop; 1.770 million metric tons (mmt) of 
new crop; 177,000 mt of old meal; 51,200 mt new; oil at -300. On the September 
contract, chart support is the 20-day moving average at $11.51 with the Upper 
Bollinger Band at $12.02 as resistance.

WHEAT:

   Wheat futures are 2 to 4 cents lower with trade working to consolidate the 
surge to fresh highs Wednesday with trade waiting for further Black Sea 
developments as we get deeply overbought with action coming back just off the 
fresh highs. Harvest should continue to roll forth on winter wheat as we head 
to the homestretch there with spring wheat likely moving along quickly with the 
short-term heat. Matif wheat is a bit lower after the surge Wednesday. Weekly 
export sales remain soft at 235,100 mt. On the KC September chart, support is 
the 20-day moving average at $6.51 with the fresh high for the move at $7.23 as 
resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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