DTN Midday Grain Comments     07/15 11:00

   Corn, Soybean, Wheat Futures All Higher at Midday Wednesday

   Corn futures are 8 to 9 cents higher at midday Wednesday; soybean futures 
are 7 to 8 cents higher; wheat futures are 23 to 41 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 8 to 9 cents higher at midday Wednesday; soybean futures 
are 7 to 8 cents higher; wheat futures are 23 to 41 cents higher. The U.S. 
stock market is firmer at midday with the S&P 18 points higher. The U.S. Dollar 
Index is 20 points lower. The interest rate products are firmer. Energy trade 
is weaker with crude off .80 and natural gas .01 lower. Livestock trade is 
mostly lower with hogs leading. Precious metals are weaker with gold off 17.00.

CORN:

   Corn futures are 8 to 9 cents higher at midday with trade pressing back to 
the upper end of the range as Black Sea events help push world feed grain 
prices with wheat providing the most action. The weekly ethanol report showed 
production down by 53,000 barrels per day with stocks up by 500,000 barrels. 
Weekly export sales are expected to be in the 500,000 to 750,000 metric ton 
(mt) range between crop years. Weather is expected to remain warmer than normal 
and drier than normal for most in the short term with the hottest forecast 
moderating into next week. On the September chart, the 20-day moving average at 
$4.27 3/4 is support with the upper Bollinger Band at $4.48 as resistance.

SOYBEANS:

   Soybean futures are 7 to 8 cents higher at midday with trade struggling to 
extend the upper end of the recent range with meal leading product action. Meal 
is 2.00 to 3.00 higher and oil is 45 to 55 points lower. Basis should stay flat 
with crush margins drifting sideways. Weather looks to add a bit of short-term 
stress with warmth and less rain for much of the Soybean Belt this week with 
the second week better for most. Weekly export sales are expected to be in the 
1.0 million metric ton (mmt) to 1.2 mmt range between product years Thursday. 
On the September contract, chart support is the 20-day moving average at $11.51 
with the Upper Bollinger Band at $12.02 as resistance.

WHEAT:

   Wheat futures are 23 to 41 cents higher with renewed attacks in the Sea of 
Azov helping induce further buying as the shorter crops elsewhere add support 
and we reapproach the May highs. Harvest should continue to roll forth on 
winter wheat as we head to the homestretch; spring wheat is likely moving along 
quickly with the short-term heat. Matif wheat is sharply higher along with E.U. 
corn. Weekly export sales are expected to be in the 150,000 to 300,000 mt range 
Thursday. On the KC September chart, support is the 20-day moving average at 
$6.46 with the fresh high for the move at $7.22 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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