DTN Midday Grain Comments     07/02 10:49

   Corn, Soybean, Wheat Futures All Higher at Midday Thursday

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

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are 
2 to 3 cents higher; wheat futures are 3 to 6 cents higher. The U.S. stock 
market is mixed at midday with the S&P flat. The U.S. Dollar Index is 60 points 
lower. The interest rate products are firmer. Energy trade is weaker with crude 
off .90 and natural gas off .05. Livestock trade is mixed. Precious metals are 
firmer with gold up 55.00.

CORN:

   Corn futures are 2 to 3 cents higher at midday with light buying continuing 
as we press into nearby resistance levels heading toward the holiday weekend 
with spread trade continuing to firm. Ethanol margins are narrowing but should 
remain solid in the short term. Weekly export sales were as expected at 732,100 
metric tons (mt) old crop and 767,800 mt new. 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 $4.24 3/4 is resistance, which we 
are testing at midday with the fresh low at $4.07 as support.

SOYBEANS:

   Soybean futures are trading 2 to 3 cents higher at midday with meal leading 
the product complex as we try to extend past nearby resistance. Meal is 1.50 to 
2.50 higher and oil is 35 to 45 points lower. Basis will need further crush 
margin recovery to hold recent gains, but meal has made progress in boosting 
margins this week. Weather should add some short-term heat stress, but moisture 
concerns remain limited for now. Weekly export sales were soft at 41,800 mt old 
crop and 182,500 of new. On the September contract, chart support is the 20-day 
moving average at $11.28, which we cleared Wednesday, with the Upper Bollinger 
Band at $11.43 1/2 as resistance.

WHEAT:

   Wheat futures are 3 to 6 cents higher at midday with trade working to extend 
the post-report reversal as row-crop spillover pressure eases along with 
harvest moving forward. Harvest should continue to roll forth after recent 
storms as it expands to the northwest of the Winter Wheat Belt. Matif wheat is 
flat with the firmer euro. Weekly export sales were rangebound at 300,100 
metric tons. On the KC September chart, resistance is the 20-day moving average 
at $6.36, which we are just above at midday, 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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