DTN Midday Grain Comments     06/15 10:53

   Corn, Soybean Futures Higher at Midday Monday; Wheat Mixed

   Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 3 
to 4 cents higher; wheat futures are 4 cents lower to 4 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Monday; soybean futures are 3 
to 4 cents higher; wheat futures are 4 cents lower to 4 cents higher. The U.S. 
stock market is firmer at midday with the S&P 130 points higher. The U.S. 
Dollar Index is 30 points lower. The interest rate products are firmer. Energy 
trade is weaker with crude off 4.40 and natural gas unchanged. Livestock trade 
is mostly higher with feeders leading. Precious metals are firmer with gold up 
135.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with trade again scoring 
fresh lows for the move with selling pressure to start before short-covering 
picked up amid deeply oversold conditions as we wait for weather and political 
developments. Ethanol margins should remain strong with summer usage supporting 
blenders. Weekly export inspections were solid at 1.637 million metric ton 
(mmt) range with year-to-date pace holding at 126%. Basis continues to hold the 
recent range for now. Weather looks to keep concerns limited with rains staying 
in the center of the Corn Belt with cooler temps through midmonth. Weekly crop 
progress is likely to show steady to slightly better conditions with emergence 
remaining ahead of normal. On the July chart, the 20-day moving average at 
$4.40 is resistance with the fresh low at $4.06 1/2 as support, which we scored 
overnight.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with trade again scoring 
fresh lows for the move on continued fund liquidation before seeing broader 
short-covering start to emerge during the day session with fresh demand 
confirmation still lacking. Meal is .50 to 1.50 higher and oil is 60 to 70 
points lower. Basis is holding the recent gains and crush margins look to be 
shifting a little toward meal as oil momentum fades, although we continue to 
hold significant gains from the spring. Weather should allow for good 
development with the weekly crop progress report likely to show steady to 
better conditions with emergence remaining ahead of normal. Weekly export 
inspections showed a little improvement at 522,687 metric tons (mt) with 
year-to-date pace at 81%. On the July contract, chart resistance is the 20-day 
moving average at $11.60 with the fresh low scored today at $11.04 1/2 as 
support.

WHEAT:

   Wheat futures are 4 cents lower to 4 cents higher at midday with  row-crop 
spillover and harvest pressure easing after the sharp down move overnight with 
winter wheats leading. Harvest should continue to expand with weekly crop 
progress likely showing progress well ahead of the five-year average with 
cooler weather helping spring wheat conditions while keeping development a 
little behind the five-year average. Matif wheat is weaker with the firmer euro 
Monday. Weekly export inspections were OK at 334,292 mt with year-to-date pace 
at 94%. On the KC July chart, resistance is the 20-day moving average at $6.53 
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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