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DTN Midday Grain Comments 06/17 10:51
Corn, Soybean, Wheat Futures All Higher at Midday
Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures
are 4 to 5 cents higher; wheat futures are 8 to 13 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 4 to 5 cents higher at midday Wednesday; soybean futures
are 4 to 5 cents higher; wheat futures are 8 to 13 cents higher. The U.S. stock
market is mixed at midday with the S&P 2 points higher. The U.S. Dollar Index
is 18 points higher. The interest rate products are mixed. Energy trade is
mixed with crude up .80 and natural gas off .08. Livestock trade is mixed with
hogs leading. Precious metals are firmer with gold up 20.00.
CORN:
Corn futures are 4 to 5 cents higher at midday with trade easing oversold
conditions further and spread action firmer as we follow the soybean reversal
from Tuesday along with positive wheat action. The weekly ethanol report showed
production off by 6,000 barrels with stocks unchanged as margins continue to
hold. Weekly export sales are expected to be in the 750,000 to 1.0 million
metric ton (mmt) range Thursday. Basis continues to hold the recent range for
now. Weather looks to keep concerns limited with rains staying in the center of
the Corn Belt with cooler temps through midmonth. On the July chart, the 20-day
moving average at $4.34 is resistance with the fresh low at $4.06 1/2 as
support, which we scored Monday.
SOYBEANS:
Soybean futures are 4 to 5 cents higher at midday with action building on
the reversal scored Tuesday with China purchase rumors sparking short-covering
but product struggles are limiting further upside. Meal is mixed and oil is 120
to 130 points lower. Basis is holding the recent gains, but crush margins are
tighter with meal trying to turn the corner while oil consolidates. Weather
should allow for good development the balance of the week. The daily export
wire saw 372,000 metric tons (mt) sold to unknown with 312,000 mt for new crop
delivery. Weekly export sales are expected to be in the 300,000 to 500,000 mt
range Thursday. On the July contract, chart resistance is the 20-day moving
average at $11.53 with the fresh low scored Monday at $11.04 1/2 as support.
WHEAT:
Wheat futures are 8 to 13 cents higher at midday with Chicago action leading
again as we see support from row crops and harvest pressure remaining a bit
more limited despite the above-average pace so far. Harvest should continue to
expand to the north and west with spring wheat continuing to see better
development into next week. Matif wheat is lightly higher as well with the euro
holding strength. Weekly export sales are expected to be in the 250,000 to
450,000 mt range. On the KC July chart, resistance is the 20-day moving average
at $6.48 with the recent low at $6.15 1/2 as support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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