DTN Midday Grain Comments     06/24 10:53

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

   Corn futures are flat to 2 cents lower at midday Tuesday; soybean futures 
are 6 to 8 cents lower; wheat futures are 5 to 15 cents lower.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are flat to 2 cents lower at midday Tuesday; soybean futures 
are 6 to 8 cents lower; wheat futures are 5 to 15 cents lower. The U.S. stock 
market is firmer with the S&P 60 points higher. The U.S. Dollar Index is 55 
points lower. The interest rate products are firmer. Energy trade is sharply 
weaker with crude 3.40 lower and natural gas .09 lower. Livestock trade is 
mostly lower with hogs the downside leader. Precious metals are weaker with 
gold down 76.00.

CORN:

   Corn futures are flat to 2 cents lower at midday as we get more oversold as 
risk-off trade continues and we digest world events and near-term weather 
remains mostly good. Ethanol margins remain rangebound with the weakness in 
both corn and unleaded. Heat should ease into midweek with wetter weather for 
the central and northern belt. Weekly crop progress showed the 
good-to-excellent portion of the crop down 2 percentage points to 70% with 6% 
poor to very poor; 4% silking versus 3% on average. The daily export wire 
finally saw some life with 630,000 metric tons booked by Mexico. Basis 
continues to hold the recent range. On the July chart, the 20-day moving 
average at $4.40 is resistance with the lower Bollinger Band at $4.18.

SOYBEANS:

   Soybean futures are 6 to 8 cents lower at midday with light selling 
continuing as oil tumbles from the upper end of the range and meal is unable to 
sustain short-covering. Meal is 1.00 to 2.00 lower and oil was 100 to 110 
points lower. Rains should boost growth for most through midweek. Weekly crop 
progress showed good-to-excellent unchanged at 66% with 7% poor to very poor; 
90% emerged same as average; and 8% blooming versus 7% on average. Basis should 
remain stable near term. On the July chart, support is the 20-day moving 
average at $10.54 which we are testing at midday, with the recent high at 
$10.82 as resistance.

WHEAT:

   Wheat futures are 5 to 15 cents lower with spillover from the row crops and 
harvest pressure helping to find sellers again even as we are well behind the 
usual harvest pace and the dollar sinks. The hard red wheat areas should start 
to see harvest move ahead as warmer temps aid maturity with drier weather this 
week while spring wheat areas should see better rains. Weekly crop progress 
showed winter wheat harvest 19% complete versus 28% on average; 49% good to 
excellent, off 3%; and 19% poor to very poor. Spring wheat 17% headed versus 
18% on average; good to excellent down 3% to 54%; and 15% poor to very poor. 
MATIF wheat is sharply lower as well. On the KC July chart, support is the 
20-day moving average at $5.40, which we are just below at midday, with the 
Upper Bollinger Band at $5.66 as resistance.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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