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DTN Midday Grain Comments 07/17 10:43
Corn, Wheat Futures Lower at Midday; Soybeans Higher
Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are
5 to 6 cents higher; wheat futures are 4 to 7 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 1 to 2 cents lower at midday Thursday; soybean futures are
5 to 6 cents higher; wheat futures are 4 to 7 cents lower. The U.S. stock
market is firmer with the S&P 23 points higher. The U.S. Dollar Index is 35
points higher. The interest rate products are mixed. Energy trade is firmer
with crude .75 higher and natural gas .01 higher. Livestock trade is mixed with
hogs leading. Precious metals are mixed with gold 20.00 lower.
CORN:
Corn futures are 1 to 2 cents lower with early week gains holding but fresh
buying enthusiasm limited as fresh news remains limited. Ethanol margins have
narrowed a bit with corn bouncing back but blender margins should hold up
nearby. Short-term weather continues to remain mostly favorable as pollination
progresses with some heat in the forecast into the second week with good
near-term moisture expected for most. Weekly export sales were soft at 97,600
metric tons (mt) of old crop and new crop at 565,900 mt. Basis looks to remain
rangebound in the short term. On the September chart, the 20-day moving average
at $4.08 is resistance with the fresh low at $3.91 1/4 as support.
SOYBEANS:
Soybean futures are 5 to 6 cents higher at midday after two-sided overnight
action as we work to consolidate the Wednesday surge with product action
remaining mixed as oil tests the highs. Meal is 1.00 to 2.00 lower and oil 125
to 135 points higher. Weather should generally remain good for development in
the short term with moisture for most before heat returns with more focus on
how weather develops into podfill season. Basis will likely remain flat in the
short term. Weekly export sales improved at bit to 271,900 mt of old crop;
529,600 mt of new; 356,500 of old-crop meal; 174,000 of new meal; and 7,900 of
oil. On the September chart, resistance is the 20-day moving average at $10.17
and the fresh low at $9.85 1/4 is support.
WHEAT:
Wheat futures are 4 to 7 cents lower at midday as we continue to grind along
the lower end of the range with harvest pressure lingering along with the
dollar back to recent highs. The hard red wheat areas should continue to work
toward the homestretch while spring wheat should continue to catch up
development wise. MATIF wheat is holding the range with the euro off the highs.
Weekly export sales remained solid at 494,400 mt. On the KC September chart,
resistance is the 20-day moving average at $5.37, with the lower Bollinger Band
at $5.09 as support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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