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DTN Midday Grain Comments     06/24 10:55

   Corn, Wheat Futures Lower at Midday; Soybeans Higher

   Corn futures are 5 to 6 cents lower at midday Monday; soybean futures are 5 
to 8 cents higher; wheat futures are 3 to 9 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 5 to 6 cents lower at midday Monday; soybean futures are 5 
to 8 cents higher; wheat futures are 3 to 9 cents lower. The U.S. stock market 
is mixed at midday with the S&P 16 points higher. The U.S. Dollar Index is 30 
points lower. The interest rate products are weaker. Energy trade has crude .80 
higher and natural gas .04 higher. Livestock trade is mixed. Precious metals 
are mixed with gold up 14.00.

CORN:

   Corn futures are 5 to 6 cents lower at midday with selling pressure 
continuing as the forecast looks to ease rains into the drier areas in the 
short term, while flood damage in the northwest part of the belt this weekend 
is assessed. Ethanol margins look to hold support in the short term with corn 
values while blenders are boosted by unleaded holding near the upper end of the 
recent range. Warmer weather looks to persist for most into July with better 
rain coverage near term as pollination approaches. Basis action should stay 
steady in the short term. Weekly export inspections were 1.118 million metric 
tons (mmt). Weekly crop progress is expected to show good-to-excellent 
percentage declining slightly with overall progress ahead of the 5-year 
average. On the July chart, the 20-day moving average at $4.48 is resistance 
with the fresh low at $4.25 as support.

SOYBEANS:

   Soybean futures are 5 to 8 cents higher at midday with spread action 
remaining solid and meal leading the product complex as trade works to firm off 
the lower end of the range. Meal is 5.00 to 6.00 higher and oil is 30 to 40 
points lower. Planting is down to double-crop acres with immediate moisture 
concerns confined to the flooded areas. Monday the daily export wire saw 
256,000 metric tons (mt) of meal sold to Philippines. Weekly export inspections 
stayed rangebound at 342,293 mt. Weekly crop progress is expected to show good 
to excellent slightly lower with overall development pace ahead of the 5-year 
average. Basis should remain mostly steady in the short term with support from 
spreads. The July chart resistance is at the 20-day moving average at $11.87 
with support at the lower Bollinger Band at $11.40.

WHEAT:

   Wheat futures are 3 to 9 cents lower with Chicago the downside leader as 
harvest pressure continues to mount as we get more deeply oversold to start the 
week. Winter wheat harvest should keep pushing ahead with little to slow 
combines until the push further north, while soggy conditions slow development 
for spring wheat. The dollar is just off the top of the range with MATIF wheat 
seeing pressure as well but a bit off the lows. Weekly export inspections were 
OK at 342,692 mt. Weekly crop progress should show winter wheat harvest past 
40% complete with steady conditions while spring wheat development should 
remain ahead of average with good to excellent likely to edge slightly lower. 
On the KC July chart, resistance is the 20-day moving average at $6.57, with 
the fresh low at $5.75 1/2 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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