DTN Midday Grain Comments 06/15 10:51

DTN Midday Grain Comments 06/15 10:51 Corn, Soybeans, Wheat Futures Higher at Midday Corn futures are 12 to 16 cents higher at midday Thursday; soybean futures are 36 to 38 cents higher; wheat futures are 15 to 17 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 12 to 16 cents higher at midday Thursday; soybean futures are 36 to 38 cents higher; wheat futures are 15 to 17 cents higher. The U.S. stock market is firmer with the S&P up 35. The U.S. Dollar Index is 55 points lower. Interest rate products are firmer. Energies are firmer with crude 1.70 higher and natural gas up .20. Livestock trade is lower. Precious metals are mixed with gold off 3.50. CORN: Corn futures are 12 to 16 cents higher at midday with December leading. Buying continues on nearby weather concerns with broader rains through the central part of the Corn Belt needed to ease concerns. Ethanol margins are narrowing as corn firms and unleaded stays rangebound. Weekly export sales are still soft at 273,300 metric tons (mt) of old and 21,100 mt of new. Basis continues to hold a softer tone with most users bidding off December at this point. The second crop in Brazil continues to head toward the homestretch with little fresh, short-term weather news, which should limit upside a bit. Trade will be watching more for heat into the second part of the month along with rain coverage. On the December chart we have support at the 20-day moving average at $5.30 with the Upper Bollinger Band at $5.60, which we are just above at midday. SOYBEANS: Soybean futures are 36 to 38 cents higher with November leading as we follow the lead of corn as weather concerns build; soyoil is leading the products. Meal is .50 to $1.50 higher, and oil is 165 to 185 points higher. Weekly export sales were mixed at 478,400 mt of old crop; 48,500 mt of new crop; meal at 207,700 of old and 18,200 of new; oil at 2,000 old and -100 new. 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 across the belt. November chart support is the 20-day moving average at $11.91, which we closed solidly above, with the Upper Bollinger Band just below the market at $12.40, which we are pulling away from this morning with $13.00 the next round up. WHEAT: Wheat futures are 15 to 17 cents higher at midday with Chicago continuing to lead with spillover support from the row crops, while KC lags a little amid early harvest. 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 has reversed back lower after early strength, with Matif wheat rebounding a little this morning after losing ground Wednesday. The weekly export sales remained a bit soft at 165,000 mt. On the KC July Chart, the $8.00 area remains resistance, with the lower Bollinger band at $7.71 as support. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.