DTN Midday Grain Comments     07/10 10:49

   Corn, Soybean, Wheat Futures All Higher at Midday Friday

   Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 6 
to 7 cents higher; wheat futures are 14 to 27 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 6 
to 7 cents higher; wheat futures are 14 to 27 cents higher. The U.S. stock 
market is firmer at midday with the S&P 15 points higher. The U.S. Dollar Index 
is flat. The interest rate products are weaker. Energy trade is weaker with 
crude off .70 and natural gas .12 lower. Livestock trade is mostly lower. 
Precious metals are weaker with gold off 35.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with trade bouncing back from 
overnight weakness to carry some momentum into the day session ahead of the 
report with spillover support from wheat. On the WASDE report, out at 11 a.m. 
CDT, trade is looking for yield to be unchanged at 183 bushels per acre (bpa) 
with old-crop carryout at 2.077 billion bushels (bb) and 1.855 bb of new-crop 
versus 2.145 bb and 1.960 bb last month, respectively. Ethanol margins remain 
solid even as the surge in unleaded values slows. Weather is expected to remain 
warmer than normal but not extreme with the middle of the Corn Belt drier in 
the short term. On the September chart, the 20-day moving average at $4.24 1/2 
is support with the upper Bollinger Band at $.40 as resistance.

SOYBEANS:

   Soybean futures are 6 to 7 cents higher at midday with trade bouncing back 
from early weakness with broad product strength. Meal is 4.00 to 5.00 higher 
and oil is 55 to 65 points higher. On the report, trade is looking for yield to 
be unchanged at 53.0 bpa with old-crop carryout at 337 million bushels (mb) and 
new at 324 mb versus 340 mb and 310 mb last month, respectively. Basis should 
find support from the product rebound boosting crush margins in the short term. 
Weather should support short-term development for most with temps remaining 
somewhat elevated with moisture more limited into mid-month except for the 
southeast part of the Soybean Belt. The daily export wire saw 264,000 metric 
tons (mt) of new crop sold to China. On the September contract, chart support 
is the 20-day moving average at $11.41 with the Upper Bollinger Band at $11.86 
as resistance.

WHEAT:

   Wheat futures are 14 to 27 cents higher at midday with winter wheat action 
leading and buying picking late in the overnight session after early weakness 
as European production concerns rise. On the report, wheat yield is expected to 
stay flat at 47.0 bpa with harvested acres dropping. Old-crop carryout is 
expected at 927 mb and 710 mb of new versus 935 mb and 744 mb last month, 
respectively. Harvest should continue to roll forth as it gets past the 66% 
point for winter wheat with warmer temps likely to push spring wheat along into 
midmonth. Matif wheat is sharply higher as well as production ideas decline. On 
the KC September chart, support is the 20-day moving average at $6.43, which we 
are working to consolidate above, with the Upper Bollinger Band at $6.62 the 
next level higher, which we pushed through overnight.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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