DTN Midday Grain Comments     07/14 10:49

   Corn Futures Higher at Midday; Soybeans, Wheat Lower

   Corn futures are 1 to 2 cents higher; soybean futures are 1 to 2 cents 
lower; wheat futures are 3 to 7 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher; soybean futures are 1 to 2 cents 
lower; wheat futures are 3 to 7 cents lower. The U.S. stock market is firmer 
with the S&P 3 points higher. The U.S. Dollar Index is 10 points higher. The 
interest rate products are weaker. Energy trade is mixed with crude 1.00 lower 
and natural gas .12 higher. Livestock trade is broadly weaker. Precious metals 
are weaker with gold 9.90 lower.

CORN:

   Corn futures are 1 to 2 cents higher at midday with light buying after 
scoring fresh lows early in the overnight session as we approached more 
oversold conditions with other fresh news limited. On the report Friday, corn 
yield was unchanged at 181.0 bushels per acre (bpa) with old crop carryout at 
1.340 billion bushels (bb) down 25 million bushels (mb) from last month with 
new crop at 1.66 bb versus 1.75 bb last month, and world stocks were 3.1 
million metric tons (mmt) lower. Ethanol margins continue to see support from 
unleaded holding the upper end of the recent range. Short-term weather 
continues to remain favorable as pollination progresses with weekly crop 
progress likely to show steady conditions with development near the five-year 
average. The daily wire was quiet with weekly export shipments solid at 1.287 
mmt with year-to-date pace holding at 130%. Basis looks to remain rangebound 
short term. On the September chart, the 20-day at $4.13 is resistance with the 
fresh low at $3.91 1/4 as support.

SOYBEANS:

   Soybean futures are 1 to 2 cents lower to start the week with fresh lows 
being scored before shifting to more two-sided action. Meal is 2.00 to 3.00 
lower and oil is 45 to 55 points higher. On the report, yield was unchanged at 
52.5 bpa with old crop carryout at 350 mb, which was unchanged and new crop was 
310 mb versus 295 mb last month with world stocks up 800,000 metric tons (mt) 
from last month. Weather should generally remain good for development short 
term, with steady to slightly better conditions expected today along with 
above-average development. Basis will likely remain flat short term. The daily 
wire was quiet with weekly inspections a little softer at 147,045 mt with 
year-to-date pace still at 110%. On the September chart, resistance is the 
20-day at $10.43, and the fresh low at $9.85 1/4 as support.

WHEAT:

   Wheat futures are 3 to 7 cents lower with early two-sided action turning 
back to selling as euro values ease a bit after late week strength. On the 
report, carryout was 890 mb versus 898 mb last month and production was 1.929 
bb versus 1.921 bb last month with world stocks down 1.3 mmt to 261.5 mmt. The 
hard red wheat areas should continue to build harvest momentum with weekly 
progress likely near two-thirds complete with spring wheat conditions expected 
to improve slightly with average development pace. Weekly export inspections 
were a bit softer at 439,533 mt with year-to-date pace at 97%. MATIF wheat is 
solidly lower after early strength. On the KC September Chart, resistance is 
the 20-day at $5.42, 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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