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DTN Midday Grain Comments 07/02 10:49
Corn, Soybean, Wheat Futures All Higher at Midday Thursday
Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are
2 to 3 cents higher; wheat futures are 3 to 6 cents higher.
David M. Fiala
DTN Contributing Analyst
MARKET SUMMARY:
Corn futures are 2 to 3 cents higher at midday Thursday; soybean futures are
2 to 3 cents higher; wheat futures are 3 to 6 cents higher. The U.S. stock
market is mixed at midday with the S&P flat. The U.S. Dollar Index is 60 points
lower. The interest rate products are firmer. Energy trade is weaker with crude
off .90 and natural gas off .05. Livestock trade is mixed. Precious metals are
firmer with gold up 55.00.
CORN:
Corn futures are 2 to 3 cents higher at midday with light buying continuing
as we press into nearby resistance levels heading toward the holiday weekend
with spread trade continuing to firm. Ethanol margins are narrowing but should
remain solid in the short term. Weekly export sales were as expected at 732,100
metric tons (mt) old crop and 767,800 mt new. Weather is expected to remain
warmer than normal for most with the rains mostly concentrated to the north in
the short term. Basis action looks to remain flat in the short term. On the
September chart, the 20-day moving average at $4.24 3/4 is resistance, which we
are testing at midday with the fresh low at $4.07 as support.
SOYBEANS:
Soybean futures are trading 2 to 3 cents higher at midday with meal leading
the product complex as we try to extend past nearby resistance. Meal is 1.50 to
2.50 higher and oil is 35 to 45 points lower. Basis will need further crush
margin recovery to hold recent gains, but meal has made progress in boosting
margins this week. Weather should add some short-term heat stress, but moisture
concerns remain limited for now. Weekly export sales were soft at 41,800 mt old
crop and 182,500 of new. On the September contract, chart support is the 20-day
moving average at $11.28, which we cleared Wednesday, with the Upper Bollinger
Band at $11.43 1/2 as resistance.
WHEAT:
Wheat futures are 3 to 6 cents higher at midday with trade working to extend
the post-report reversal as row-crop spillover pressure eases along with
harvest moving forward. Harvest should continue to roll forth after recent
storms as it expands to the northwest of the Winter Wheat Belt. Matif wheat is
flat with the firmer euro. Weekly export sales were rangebound at 300,100
metric tons. On the KC September chart, resistance is the 20-day moving average
at $6.36, which we are just above at midday, with the fresh low at $6.10 3/4 as
support.
David Fiala can be reached at dfiala@futuresone.com
Follow him on social platform X @davidfiala
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