DTN Midday Grain Comments     07/06 10:50

   Corn, Soybean, Wheat Futures All Higher at Midday Monday

   Corn futures are 15 to 16 cents higher at midday Monday; soybean futures are 
46 to 47 cents higher; wheat futures are 8 to 13 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 15 to 16 cents higher at midday Monday; soybean futures are 
46 to 47 cents higher; wheat futures are 8 to 13 cents higher. The U.S. stock 
market is mixed at midday with the S&P 50 points higher. The U.S. Dollar Index 
is 20 points higher. The interest rate products are weaker. Energy trade is 
firmer with crude up .10 and natural gas up .03. Livestock trade is mostly 
higher. Precious metals are firmer with gold up 30.00.

CORN:

   Corn futures are 15 to 16 cents higher at midday with broad buying to start 
the week with a hotter forecast emerging over the weekend to potentially add 
stress into pollination. Ethanol margins are narrowing a bit as corn rebounds 
while unleaded holds the range with light strength. Weekly export inspections 
were solid at 1.642 million metric tons (mmt) with year-to-date pace holding at 
125%. Weather is expected to remain warmer than normal for most with the rains 
mostly concentrated to the north in the short term. Weekly crop progress is 
expected to show steady conditions and development just ahead of the five-year 
average. Basis action looks to remain flat in the short term. On the September 
chart, the 20-day moving average at $4.22 3/4 iss support with the upper 
Bollinger Band at $4.33 as resistance, which we are just above at midday.

SOYBEANS:

   Soybean futures are 46 to 47 cents higher at midday with broad product 
strength as weather concerns build and we extend further through the resistance 
cleared last week. Meal is 9.00 to 10.00 higher and oil is 100 to 110 points 
higher. Basis should find support from the product rebound. Weather should add 
some short-term heat stress with too much rain potentially north. Weekly crop 
progress is likely to show steady conditions and above-average development. 
Weekly export inspections held the recent range at 528,350 metric tons with 
year-to-date pace at 82%. On the September contract, chart support is the 
20-daymoving average at $11.30 with the Upper Bollinger Band at $11.53 1/2 as 
resistance, which we are solidly above at midday.

WHEAT:

   Wheat futures are 8 to 13 cents higher at midday with Chicago wheat leading 
as trade follows row-crop strength and continues to ease harvest pressure. 
Harvest should continue to roll forth as winter wheat should be well past the 
halfway point now. Spring wheat is likely to show steady conditions and average 
development on the weekly report. Matif wheat is firmer with EU corn sharply 
higher as well. Weekly export inspections were soft at 133,652 metric tons with 
year-to-date pace at 82%. On the KC September chart, support is the 20-day 
moving average at $6.36, which we are working to consolidate above, with the 
Upper Bollinger Band at $6.58 the next level higher.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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