DTN Midday Grain Comments     06/11 10:49

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

   Corn futures are flat to 2 cents lower at midday Thursday; soybean futures 
are 3 to 4 cents lower; wheat futures are 1 to 6 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 2 cents lower at midday Thursday; soybean futures 
are 3 to 4 cents lower; wheat futures are 1 to 6 cents higher. The U.S. stock 
market is firmer at midday with the S&P 20 points higher. The U.S. Dollar Index 
is 26 points higher. The interest rate products are firmer. Energy trade is 
mixed with crude up .35 and natural gas off .11. Livestock trade is mostly 
higher. Precious metals are weaker with gold off 25.00.

CORN:

   Corn futures are flat to 2 cents lower at midday with action continuing to 
chop along the lower end of the range as we head toward the WASDE report at 11 
a.m. CDT. On the report, trade is looking for old-crop carryout at 2.144 
billion bushels (bb) and new-crop carryout at 1.942 bb, virtually unchanged 
from last month; trendline yields are expected to continue. Ethanol margins 
look to hold the recent range. Weekly export sales were solid at 1.0004 million 
metric tons (mmt) of old crop and 926,900 metric tons (mt) of new. Basis 
continues to hold the recent range for now. Weather looks to keep concerns 
limited with rains moving to the center of the Corn Belt and cooler weather 
expected toward the end of the week and into next week. On the July chart, the 
20-day moving average at $4.46 3/4 is resistance with the fresh low at $4.12 
1/2 as support, which we scored Monday.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower with light product complex strength 
as spread action continues to soften. Meal is 1.50 to 2.50 higher and oil is 50 
to 60 points higher. On the report, trade is looking for old-crop carryout at 
314 million bushels (mb) and new-crop carryout at 339 mb, little changed from 
last month with trendline yield expectations. Basis has started to sharply firm 
in some areas and crush margins look to hold the recent range into June with 
consolidation at the lower end of the range as well with meal being the weak 
leg recently. Weekly export sales were soft at 211,300 mt of old crop; 141,500 
mt of new; meal strong at 395,700 of old crop and 30,400 of new; and 800 of 
oil. On the July contract, chart resistance is the 20-day moving average at 
$11.68, where we find the 20-day moving average, with the fresh low scored 
Tuesday at $11.10 1/2 as support.

WHEAT:

   Wheat futures are 1 to 6 cents higher as trade continues to fight through 
row-crop spillover and harvest pressure as we struggle to extend toward nearby 
resistance. Harvest should continue to expand with the west drying out again in 
the short term, which should keep the average pace well ahead of normal. Spring 
wheat development should be aided by rains but cooler temps may slow growth. On 
the report, trade is looking for old-crop carryout at 940 mb and new crop at 
760 mb, little changed from May with further production cuts expected to be 
limited. Matif wheat is lightly weaker as it holds its range as well. Weekly 
export sales were good with 666,300 mt of new crop with 298,600 mt carried over 
from the last crop year. On the KC July chart, resistance is the 20-day moving 
average at $6.60 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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