DTN Midday Grain Comments 06/20 10:54

DTN Midday Grain Comments 06/20 10:54 Corn, Soybean, Wheat Futures Mixed at Midday Corn futures are narrowly mixed at midday Tuesday; soybean futures are 4 cents lower to 4 cents higher; wheat futures are 7 cents lower to 2 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Tuesday; soybean futures are 4 cents lower to 4 cents higher; wheat futures are 7 cents lower to 2 cents higher. The U.S. stock market is weaker with the S&P 30 lower. The U.S. Dollar Index is 38 points higher. Interest rate products are firmer. Energies are weaker with crude 1.60 lower and natural gas off a dime. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off 24.50. CORN: Corn futures are narrowly mixed at midday with trade pulling back from the fresh highs scored on the open. Overbought conditions are battling with the ongoing weather concerns with short-term relief still looking limited. Ethanol margins will need to see better driving demand to offset corn strength. Weekly export inspections are delayed due to tech issues. Basis will likely flatten a little with the recent spread action and overall weather concerns, but the trend will likely remain down. The second crop in Brazil continues to head toward the homestretch with little fresh short-term weather news. Trade will be watching for better rain systems the second week of the forecast. Weekly crop progress should show development ahead of the 5-year average with good to excellent expected to decline a bit more this week. On the December chart we have support at the Upper Bollinger Band at $5.87 and resistance the $6.09 fresh high scored overnight. SOYBEANS: Soybean futures are 4 cents lower to 4 cents higher with trade fading back from early strength. Overbought conditions and oil are pulling back from the highs with active two-sided action continuing. Meal is .50 to 1.50 higher and oil is 20 to 30 lower. Weekly export inspections are delayed due to technical difficulties. Basis has turned a bit more steady with the rally, which should continue short term. Planting is wrapping up except for double crop with weekly crop progress expected to show development ahead of the 5-year average with good to excellent declining again this week. November chart support is the Upper Bollinger Band at $13.16 with $13.64 3/4 as the fresh high becoming resistance. WHEAT: Wheat futures are 7 cents lower to 2 cents higher with spillover support from row crops slipping. Winter wheat harvest pressure will continue as harvest works north and that should keep action volatile. Rains look to impact parts of the Plains to limit harvest progress and to boost spring wheat progress with the weekly report to show harvest near the 5-year average, with steady to slightly better conditions for both spring and winter wheat. The dollar is working off the lower end of the range, with Matif wheat working lower so far Tuesday. On the KC July Chart, the 20-day moving average at $8.10 has become support with the Upper Bollinger Band just above the market at $8.45. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.