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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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