DTN Midday Grain Comments 06/16 10:54

DTN Midday Grain Comments 06/16 10:54 Corn, Soybeans, Wheat Futures Higher at Midday Corn futures are 8 to 14 cents higher at midday; soybean futures are 30 to 40 cents higher; wheat trade is 15 to 30 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 8 to 14 cents higher at midday; soybean futures are 30 to 40 cents higher; wheat trade is 15 to 30 cents higher. The U.S. stock market is mixed with the S&P unchanged. The U.S. Dollar Index is 20 points higher. Interest rate products are weaker. Energies are firmer with crude .30 higher and natural gas up .07. Livestock trade is mostly higher with cattle leading. Precious metals are mixed with gold up 1.50. CORN: Corn futures are 8 to 14 cents higher as weather premium continues to build in ahead of the long weekend. Spread action is mixed and trade is starting to back off the highs at midday. Ethanol margins are narrowing as corn firms and unleaded stays rangebound. Basis continues to hold a softer tone with most users bidding off December at and action starting to flatten out a little. The second crop in Brazil continues to head toward the home stretch with little fresh short-term weather news which should limit upside a bit in the short term. Trade will be watching more for heat into the second part of the month along with rain coverage with the eastern part of the Corn Belt seeing reductions in forecasted amounts. On the December chart, we have support at the Upper Bollinger Band at $5.74 and resistance the $6.00 area. SOYBEANS: Soybean futures are 30 to 40 cents higher with new crop finding further weather premium. Meal is leading product action early with trade working to consolidate gains into the weekend. Meal was 14.50 to 16.50 higher and oil is 95 to 115 points higher. 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 Upper Bollinger Band at $12.83 with trade looking to consolidate back over $13.00 for November. WHEAT: Wheat futures are 15 to 30 cents higher at midday with spillover support from the row crops offsetting harvest pressure. Rains expected to be a bit slower in near term with action working a bit off the highs at midday. Rains look to stay around the Southern Plains with spring wheat likely to see some coverage too. The U.S. Dollar is holding the lower end of the range, with Matif wheat following action higher. On the KC July Chart, the 20-day moving average at $8.08 has become support with the Upper Bollinger Band just above the market at $8.41. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.