DTN Midday Grain Comments     07/09 10:46

   Corn Futures Higher at Midday; Soybeans Lower; Wheat Mixed

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 8 to 9 cents lower; wheat futures are narrowly mixed.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 8 to 9 cents lower; wheat futures are narrowly mixed. The U.S. stock market 
is firmer with the S&P 18 points higher. The U.S. Dollar Index is 10 points 
higher. The interest rate products are firmer. Energy trade is mixed with crude 
.14 higher and natural gas .15 lower. Livestock trade is firmer as cattle 
continue to score fresh highs. Precious metals are mostly with gold flat.

CORN:

   Corn futures are 1 to 2 cents higher at midday with firmer spread action as 
we work back from the fresh lows scored early on in the session. Weekly ethanol 
production showed production up by 9,000 barrels a day with stocks 200,000 
barrels lower. Short term weather continues to show moisture for most with 
serious heat limited as we head deeper into pollination. The daily wire was 
quiet with weekly sales expected to the 700,000 to 1.0 million metric ton range 
between the two crop years tomorrow. Basis looks to remain rangebound short 
term. On the September chart, the 20-day at $4.15 is resistance with the fresh 
low at $3.96 1/4 as support.

SOYBEANS:

   Soybean futures are 8 to 9 cents lower at midday with trade fading back to 
new lows for the move with oil backing off the upper end of the range while 
meal flattens out amidst deeply oversold conditions. Meal is flat to 1.00 lower 
and oil is 65 to 75 points lower. Weather should generally remain good for 
development short term. Basis will likely remain flat short term. The daily 
wire was quiet with weekly sales expected to be in the 400,000 to 650,000 
metric ton range between the two crop years tomorrow. On the September chart 
resistance is the 20-day at $10.29, and the fresh low at 9.98 1/4 as support.

WHEAT:

   Wheat futures are narrowly mixed at midday as we continue to chop along the 
lower end of the range with negative spillover from row crops and continued 
harvest pressure limiting buying. The hard red wheat areas should continue to 
build momentum harvest wise as we move well past the halfway point with spring 
wheat to see short term moisture. MATIF wheat is a bit firmer at the lower end 
of the range as well with the euro a bit softer. On the KC September Chart 
resistance is the 20-day at $5.45, 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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