DTN Midday Grain Comments     07/01 10:50

   Corn, Soybean, Wheat Futures All Higher at Midday Wednesday

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are 3 to 4 cents higher; wheat futures are 7 to 11 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Wednesday; soybean futures 
are 3 to 4 cents higher; wheat futures are 7 to 11 cents higher. The U.S. stock 
market is firmer at midday with the S&P 18 points higher. The U.S. Dollar Index 
is 15 points higher. The interest rate products are weaker. Energy trade is 
weaker with crude off 1.10 and natural gas off .05. Livestock trade is mostly 
higher. Precious metals are firmer with gold up 55.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with early two-sided trade 
turning firmer into the day session as we look to extend the post-report 
bounce. On the report, we saw corn acres unchanged at 95.3 million versus 94.99 
million expected, with stocks at 5.295 billion bushels (bb) versus 5.408 bb 
expected. The weekly ethanol report showed production 27,000 barrels per day 
higher and stocks up by 100,000. Weekly export sales are expected to be in the 
1.0 million metric ton (mmt) to 1.2 mmt range between crop years. Weather is 
expected to remain warmer than normal for most with the rains mostly 
concentrated to the north in the short term. Basis action looks to remain flat 
in the short term. On the September chart, the 20-day moving average at $4.25 
3/4 is resistance with the fresh low at $4.07 as support.

SOYBEANS:

   Soybean futures are 3 to 4 cents higher at midday with meal leading the 
product complex as we were able to rebound post-report despite the slightly 
negative numbers with the biggest overnight gains fading Wednesday. Meal is 
1.00 to 2.00 higher and oil is 60 to 70 points lower. On the report, acres were 
up 700,000 as expected to 85.4 million with stocks slightly higher at 1.061 bb 
versus 1.046 bb expected. Basis will need further crush margin recovery to hold 
recent gains as July goes into delivery with oil dragging margins lower. 
Weather should add some short-term heat stress, but moisture concerns remain 
limited for now. Weekly export sales are expected to be in the 400,000 to 
800,000 metric ton (mt) range between crop years. On the September contract, 
chart resistance is the 20-day moving average at $11.28, which we challenged 
overnight, with the recent low at $11.07 1/2 as support.

WHEAT:

   Wheat futures are 7 to 11 cents higher at midday with trade working to build 
on the positive post-report action as harvest pressure should continue to ease. 
On the report, all wheat acres were 1.1 million lighter than expected at 42.7 
million with stocks at 920 million bushels (mb) versus 934 mb expected. Harvest 
should continue to roll forth after recent storms as it expands to the 
northwest. Matif wheat is firmer Wednesday morning with the weaker euro 
supporting trade. Weekly export sales are expected to be in the 250,000 to 
450,000 mt range. On the KC September chart, resistance is the 20-day moving 
average at $6.36 with the fresh low at $6.10 3/4 as support.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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