DTN Midday Grain Comments     07/15 10:53

   Corn, Soybean, Wheat Futures Higher at Midday

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
1 to 2 cents higher; wheat futures are 2 to 5 cents higher.

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 
1 to 2 cents higher; wheat futures are 2 to 5 cents higher. The U.S. stock 
market is mixed with the S&P 1 point lower. The U.S. Dollar Index is 50 points 
higher. The interest rate products are weaker. Energy trade is mixed with crude 
.30 lower and natural gas .02 higher. Livestock trade is mixed with cattle 
leading. Precious metals are weaker with gold 13.30 lower.

CORN:

   Corn futures are 4 to 5 cents higher at midday with light buying picking up 
again after overnight weakness as we push toward nearby resistance as we look 
for a second positive close in a row. Ethanol margins are narrowing slightly 
with the corn strength. Short-term weather continues to remain mostly favorable 
as pollination progresses with some heat in the forecast. Weekly crop progress 
showed unchanged conditions at 74% good to excellent; 5% poor to very poor; 34% 
silking versus 33% on average; 7% in the dough versus 5% on average. Basis 
looks to remain rangebound in the short term. On the September chart, the 
20-day moving average at $4.10 is resistance with the fresh low at $3.91 1/4 as 
support.

SOYBEANS:

   Soybean futures are 1 to 2 cents higher with trade chopping along with meal 
still under pressure as oil holds the upper end of the range and little other 
fresh news. Meal is 1.50 to 2.50 lower and oil is 60 to 70 points higher. 
Weather should generally remain good for development in the short term. Weekly 
crop progress showed good to excellent 4% better at 70%; 5% poor to very poor; 
47% blooming same as average; and 15% setting pods versus 14% on average. Basis 
will likely remain flat in the short term. On the September chart, resistance 
is the 20-day moving average at $10.22, and the fresh low at $9.85 1/4 as 
support.

WHEAT:

   Wheat futures are 2 to 5 cents higher at midday with trade continuing to 
chop along the lower end of the range with some light buying starting to show 
up as row crops pick up momentum. The hard red wheat areas should continue to 
build harvest momentum. Weekly crop progress showed harvest 63% complete versus 
64% on average. Spring wheat was 78% headed versus 75% on average; 54% good to 
excellent, up 4% on the week; 13% poor to very poor. MATIF wheat is sharply 
higher. On the KC September chart, resistance is the 20-day moving average at 
$5.40, with the lower Bollinger Band at $5.09 as support.

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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