DTN Midday Grain Comments 06/14 10:49

DTN Midday Grain Comments 06/14 10:49 Corn, Soybean, Wheat Futures Mixed at Midday Corn futures are flat to 3 cents higher at midday Wednesday; soybean futures are narrowly mixed; wheat futures are 6 cents lower to 4 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 3 cents higher at midday Wednesday; soybean futures are narrowly mixed; wheat futures are 6 cents lower to 4 cents higher. The U.S. stock market is mixed with the S&P up 20. The U.S. Dollar Index is 60 points lower. Interest rate products are firmer. Energies are flat with crude unchanged and natural gas up .01. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up 12.50. CORN: Corn futures are flat to 3 cents higher with trade bouncing back from early weakness as we look toward the Fed Statement later Wednesday, along with further forecasts with some rains in the Eastern Corn Belt last night. Ethanol margins remain rangebound with the weekly report showing production off 18,000 barrels and stocks down 722,000 barrels. Basis continues to hold a softer tone with most users bidding off December. The second crop in Brazil continues to head toward the homestretch with little fresh, short-term weather news. Trade will be watching more for heat into the second part of the month. On the December chart we have support at the 20-day moving average of $5.26 with the Upper Bollinger Band at $5.58, which we tested Tuesday. SOYBEANS: Soybean futures are narrowly mixed at midday with trade fading back from the short-term highs scored Tuesday with softer product action, but we have been able to bounce off the lower end of the range. Meal is .50 to $2.00 lower and oil 45 to 55 points lower. Basis has turned a bit more steady with the rally. Planting is wrapping up except for double crop, with more consistent rain needed to catch the crop up. November chart support is the 20-day moving average at $11.87, which we closed solidly above, with the Upper Bollinger Band above the market at $12.29, which we are just above at midday. WHEAT: Wheat futures are 6 cents lower to 4 cents higher with Minneapolis leading trade as we continue to work the lower end of the range with mixed spread action as harvest moves forward. Rains will likely slow Plains harvest a bit in the short term, while spring wheat will see some holes in coverage with warmer temps on the way. The U.S. dollar is just off the recent highs, with Matif wheat sharply lower Wednesday morning. On the KC July chart, the $8.00 area remains resistance, with the lower Bollinger band at $7.63 as support. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.