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DTN Midday Grain Comments 07/08 10:52
Corn Futures Lower at Midday; Soybeans, Wheat Flat-Lower
Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are
flat to 2 cents lower; wheat futures are flat to 5 cents lower.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 2 to 3 cents lower at midday Tuesday; soybean futures are
flat to 2 cents lower; wheat futures are flat to 5 cents lower. The U.S. stock
market is weaker with the S&P 6 points lower. The U.S. Dollar Index is 16
points higher. The interest rate products are weaker. Energy trade is firmer
with crude .18 higher and natural gas .05 lower. Livestock trade is mixed with
cattle leading as feeder cattle score fresh highs. Precious metals are weaker
with gold off 39.00.
CORN:
Corn futures are 2 to 3 cents lower at midday with fresh lows scored again
as light selling continues and spread action remains flat to a little firmer
with little fresh news. Ethanol margins have support from weaker corn and
firming unleaded action again Tuesday. Short-term weather continues to show
moisture for most with serious heat limited as we head into pollination. Weekly
crop progress showed good to excellent up 1% to 74% with poor to very poor was
5%; 18% silking versus 15% on average; and 3% in the dough versus 2% on
average. The daily export wire saw 112,776 metric tons (mt) sold to Mexico for
new crop. Basis looks to remain rangebound in the short term. On the September
chart, the 20-day moving average at $4.17 is resistance, which we failed to
consolidate above Friday, with the fresh low at $3.96 3/4 as support.
SOYBEANS:
Soybean futures are flat to 2 cents lower with product weakness persisting
as we fade back to the low end of the range with other fresh news limited. Meal
is flat to 1.00 lower with deeply oversold conditions remaining in place and
oil flat to 10 points higher. Weather should generally remain good for
development in the short term. Weekly crop progress showed good to excellent
unchanged at 66% and 7% poor to very poor; 32% blooming versus 31% on average;
and 8% setting pods versus 6% on average. Basis will likely remain flat in the
short term. The daily export wire saw 144,000 mt of soybean meal to the
Philippines. On the September chart, resistance is the 20-day moving average at
$10.30, which we gapped back below Monday, and the recent low at $10.05 3/4 as
support.
WHEAT:
Wheat is flat to 5 cents lower with harvest pressure keeping strength
limited along with spillover from the row-crop weakness. The dollar holding the
lower end of the range should add support. The hard red wheat areas should
continue to build momentum harvest wise. Weekly crop progress showed harvest
53% complete versus 54% on average. Spring wheat conditions were off by 3% to
50% good to excellent; 15% poor to very poor; 61% headed versus 58% on average.
MATIF wheat is a bit firmer at the lower end of the range as well. On the KC
September chart, resistance is the 20-day moving average at $5.45, 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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