DTN Midday Grain Comments 06/26 11:01

DTN Midday Grain Comments 06/26 11:01 Soybean Futures Higher at Midday; Corn, Wheat Mixed Corn futures are narrowly mixed at midday Monday; soybean futures are 10 to 15 cents higher; wheat futures are 5 cents lower to 2 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Monday; soybean futures are 10 to 15 cents higher; wheat futures are 5 cents lower to 2 cents higher. The U.S. stock market is weaker with the S and P 5 lower. The U.S. Dollar Index is 20 points higher. Interest rate products are firmer. Energies are flat with crude .05 higher and natural gas up .02. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold up 7.00. CORN: Corn futures are narrowly mixed at midday with two-sided action. Trade is digesting the rain coverage over the weekend, along with the forward forecasts. Traders are also positioning for the stocks and acres reports Friday, failing to extend at a dime lower or higher at various times in the session. Ethanol margins will need sustained better action from unleaded to boost blending if corn stays in the upper end of the range. Weekly export inspections were softer at 542,727 metric tons (mt). Basis will likely fade further with demand remaining soft, and users having better coverage toward harvest. The second crop in Brazil continues to head toward the home stretch with little fresh, short-term weather news. Trade will be watching for better rain systems in the dry areas toward the first of July. Weekly crop progress is expected to show good to excellent declining a little more with development in line with the 5-year average. On the December chart, we have resistance at the Upper Bollinger Band at $6.24 with the 20-day moving average at $5.59, well below the market. SOYBEANS: Soybean futures are 10 to 15 cents higher at midday with trade rebounding from early weakness. Oil is leading the product complex ahead of expected further declines in crop conditions and mixed weekend rain coverage. Meal is narrowly mixed and oil is 105 to 115 points higher. Weekly export inspections were poor at 141,158 mt. Basis has turned a bit more steady with the rally, which should continue in the short term. Weekly crop progress is likely to show a decline in good-to-excellent ratings again with development still running ahead of the 5-year average. November chart resistance is the Upper Bollinger Band at $13.85 with the 20-day moving average at $12.39, well below the market. WHEAT: Wheat futures are 5 cents lower to 2 cents higher with KC wheat leading as harvest works forward. Early gains faded as the weekend's Black Sea excitement fades with traders likely to watch further European weather development. KC wheat will likely remain just behind the average pace on harvest with better progress this week while spring wheat conditions should stabilize a little bit after last week's losses. The dollar has held off the lows as we await further world rate developments, and Matif wheat faded from early gains to slightly lower action. Weekly export inspections remained soft at 203,724 mt. On the KC July chart, the 20-day moving average at $8.19 has become support with the Upper Bollinger Band at $8.76 as resistance. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.