DTN Midday Grain Comments     07/03 10:53

   Corn, Soybean Futures Higher at Midday; Wheat Flat-Lower

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
6 to 7 cents higher; wheat futures are flat to 2 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are 
6 to 7 cents higher; wheat futures are flat to 2 cents lower. The U.S. stock 
market is firmer with the S&P 50 points higher. The U.S. Dollar Index is 30 
points higher. The interest rate products are weaker. Energy trade is weaker 
with crude .80 lower and natural gas .06 lower. Livestock trade is mixed with 
cattle leading. Precious metals are mixed with gold off 20.00.

CORN:

   Corn futures are 3 to 4 cents higher at midday with follow-through buying 
after the strong close Wednesday as we push past nearby resistance heading 
toward the 3-day weekend with trade working just below session highs. Ethanol 
margins are seeing some pressure from corn prices firming and unleaded sinking. 
Short-term weather continues to show moisture for most with serious heat 
limited as we head into pollination. The daily export wire saw 150,000 metric 
tons (mt) sold to unknown destinations for old-crop delivery. Weekly export 
sales were softer on old-crop at 532,700 mt but strong on new-crop at 940,200 
mt. Basis looks to remain rangebound into the holiday weekend. On the September 
chart, the 20-day moving average at $4.19 is resistance, which we are above, 
with the fresh low at $4.01 1/4 as support.

SOYBEANS:

   Soybean futures are 6 to 7 cents higher at midday with short-covering in 
meal leading the product complex after we pushed through nearby resistance 
Wednesday. Meal is 1.50 to 2.50 higher and oil is 40 to 50 points lower. 
Weather should generally remain good for development in the short term as 
double-crop acres emerge. Basis should remain steady with crusher margins 
holding the recent rebound. The daily export wire saw 226,000 mt of beans, and 
195,000 mt of meal to unknown destinations for old-crop delivery. Weekly export 
sales showed improvement at 462,400 mt old-crop; 239,000 mt new-crop; meal 
306,200 for old-crop; 397,400 of new; and 11,800 of oil. On the September 
chart, support is the 20-day moving average at $10.32, which we closed above, 
with the late surge Wednesday, and the recent high at $10.67 as resistance.

WHEAT:

   Wheat is flat to 2 cents lower at midday with harvest pressure and the 
firmer dollar limiting further short covering into the weekend with little 
other fresh news to drive action. The hard red wheat areas will continue to 
fight some showers while spring wheat development should pick up with better 
rains out there into next week. MATIF wheat is firmer with the Euro holding the 
upper end of the range. Weekly export sales showed further improvement at 
586,000 metric tons. On the KC September Chart resistance is the 20-day 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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