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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