DTN Midday Grain Comments     07/14 10:50

   Corn, Soybean Futures Lower at Midday Tuesday; Wheat Higher

   Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 3 
to 4 cents lower; wheat futures are 3 to 8 cents higher. 

David M. Fiala
DTN Contributing Analyst

MARKET SUMMARY:

   Corn futures are 3 to 4 cents lower at midday Tuesday; soybean futures are 3 
to 4 cents lower; wheat futures are 3 to 8 cents higher. The U.S. stock market 
is firmer at midday with the S&P 36 points higher. The U.S. Dollar Index is 50 
points lower. The interest rate products are firmer. Energy trade is mixed with 
crude up .60 and natural gas .01 lower. Livestock trade is mostly lower with 
hogs leading. Precious metals are sharply higher with gold up 90.00.

CORN:

   Corn futures are 3 to 4 cents lower at midday as we fill the Sunday gap and 
wait for further weather developments along with outside market spillover and 
trade off the overnight lows. Ethanol margins remain solid with unleaded 
firming again to boost blenders' incentives. Weather is expected to remain 
warmer than normal and drier than normal for most in the short term with the 
hottest forecast moderating a bit into next week. Weekly crop progress showed 
68% good to excellent (up one percentage point) and poor to very poor 8% 
(steady). Silking was at 34% silking versus 30% on average; 6% was in the dough 
versus 5% on average. On the September chart, the 20-day moving average at 
$4.26 3/4 is support with the upper Bollinger Band at $4.46 as resistance.

SOYBEANS:

   Soybean futures are 3 to 4 cents lower at midday with action fading off the 
upper end of the range again with meal trying to firm at midday. Meal is 
narrowly mixed and oil is 30 to 40 points lower. Basis should stay flat with 
crush margins stable. Weather looks to add a bit of short-term stress with 
warmth and less rain for much of the Corn Belt this week. Weekly crop progress 
showed good to excellent at 65% (up one point) and 8% poor to very poor. 
Blooming was at 50% versus 44% on average; 19% setting pods versus 13% on 
average. On the September contract, chart support is the 20-day moving average 
at $11.48 with the Upper Bollinger Band at $11.97 as resistance.

WHEAT:

   Wheat futures are 3 to 8 cents at midday with buying returning off the 
overnight lows with another close higher needed to reestablish momentum to the 
top of the range. Harvest should continue to roll forth. Weekly crop progress 
showed winter wheat 67% harvested versus 62% on average. Spring wheat 
conditions were 58% good to excellent (up one point)and 10% poor to very poor 
(up 7 points). Heading was at 72%, same as average. Matif wheat is a bit higher 
with Kerch Strait developments and easing crop sizes still at the forefront as 
we fade from the Friday high. On the KC September chart, support is the 20-day 
moving average at $6.44, which we are working to consolidate above, with the 
recent high at $6.91 the next level of resistance.

    

   David Fiala can be reached at dfiala@futuresone.com

   Follow him on social platform X @davidfiala




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