DTN Midday Grain Comments     07/17 10:48

   Corn, Soybean, Wheat Futures All Higher at Midday Friday

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 8 
to 9 cents higher; wheat futures are 7 to 14 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Friday; soybean futures are 8 
to 9 cents higher; wheat futures are 7 to 14 cents higher. The U.S. stock 
market is weaker at midday with the S&P 50 points lower. The U.S. Dollar Index 
is 5 points lower. The interest rate products are firmer. Energy trade is 
firmer with crude 2.00 higher and natural gas .04 higher. Livestock trade is 
mixed with hogs leading. Precious metals are mixed with gold up 20.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with light, two-sided trade 
turning firmer into the day session with positive spillover action from the 
outside markets. Ethanol blender margins should continue to improve but driving 
demand will see headwinds from the next surge in unleaded values. Weather is 
expected to remain warmer than normal and drier than normal for most through 
the weekend with more moderate temperatures next week. On the September chart, 
the 20-day moving average at $4.30 is support with the upper Bollinger Band at 
$4.51 as resistance.

SOYBEANS:

   Soybean futures are 8 to 9 cents higher at midday with early weakness 
turning to buying with oil leading the product complex. Meal is 1.50 to 2.50 
lower and oil is 240 to 250 points higher. Basis should stay flat with crush 
margins starting to improve again. 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. The daily export wire was very active Friday with 340,000 
metric tons (mt) sold to China; 256,634 mt to Mexico; and 110,000 mt to unknown 
destinations. All were new crop. On the September contract, chart support is 
the 20-day moving average at $11.57 with the Upper Bollinger Band at $12.02 as 
resistance.

WHEAT:

   Wheat futures are 6 to 13 cents higher at midday with trade firming back 
after the Thursday weakness to score another set of fresh highs for the move. 
Harvest should continue to wind down except for the north for winter wheat with 
spring wheat likely moving along quickly with the short-term heat. Matif wheat 
and E.U. corn are firmer as well. On the KC September chart, support is the 
20-day moving average at $6.51 with the fresh high for the move at $7.33 as 
resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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