DTN Midday Grain Comments     07/02 10:49

   Corn, Soybean, Wheat Futures All Higher at Midday

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 8 to 10 cents higher; wheat futures are 4 to 8 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures 
are 8 to 10 cents higher; wheat futures are 4 to 8 cents higher. The U.S. stock 
market is firmer with the S&P 15 points higher. The U.S. Dollar Index is 15 
points higher. The interest rate products are weaker. Energy trade is firmer 
with crude .50 higher and natural gas .06 higher. Livestock trade is weaker 
mostly lower. Precious metals are firmer with gold up 2.00.

CORN:

   Corn futures are 1 to 2 cents higher at midday with light buying as we try 
to extend the bounce from the fresh lows scored Tuesday with spillover support 
from wheat and soybeans. The weekly ethanol report showed production down by 
5,000 barrels per day, week-over-week, with stocks 300,000 barrels lower. 
Short-term weather continues to show moisture for most with serious heat 
limited. Weekly export sales expected to be in the 900,000 metric ton (mt) to 
1.1 million metric ton (mmt) range Thursday. Basis looks to remain rangebound 
into the holiday weekend. On the September chart, the 20-day moving average at 
$4.19 is resistance with the fresh low at $4.01 1/4 as support.

SOYBEANS:

   Soybean futures are 8 to 10 cents higher at midday with trade edging back 
toward nearby resistance and oil continuing to lead the product complex as meal 
extends its oversold conditions. Meal is flat to 1.00 lower and oil is 95 to 
105 points higher. Weather should generally remain good for development in the 
short term as double-crop acres emerge. Basis should remain steady to softer in 
the near term with crusher margins still struggling. Weekly export sales are 
expected to be in the 350,000 to 550,000 mt range. On the September chart, 
support is the fresh low at $10.05 3/4 with resistance the 20-day moving 
average at $10.30.

WHEAT:

   Wheat futures are 4 to 8 cents higher with light short-covering again as 
harvest pushes toward the halfway point for winter wheat along with support 
from the dollar staying at the lower end of the range. The hard red wheat areas 
will continue to fight some showers while spring wheat development should pick 
up with better rains out there. MATIF wheat is lightly higher with the euro 
holding the upper end of the range. 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 $5.49, with the lower Bollinger Band at $5.17 as 
support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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