DTN Midday Grain Comments 06/27 10:43

DTN Midday Grain Comments 06/27 10:43 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 27 to 29 cents lower at midday Tuesday; soybean futures are 29 to 34 cents lower; wheat futures are 29 to 40 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 27 to 29 cents lower at midday Tuesday; soybean futures are 29 to 34 cents lower; wheat futures are 29 to 40 cents lower. The U.S. stock market is firmer with the S&P 25 higher. The U.S. Dollar Index is 10 points lower. Interest rate products are weaker. Energies are mixed with crude .70 lower and natural gas up .01. Livestock trade is mixed with feeder cattle leading. Precious metals are mixed with gold down 6.00. CORN: Corn futures are 27 to 29 cents lower at midday with early buying overnight after conditions declined. The nearby forecast looks wetter and demand ideas remain lackluster, pushing us to near the day lows. Ethanol margins should firm a little as corn fades, but unleaded will need to sustain better action to boost blending as we pass the July 4th travel bump. Mexico is looking impose white corn tariffs on imported corn. Basis will likely stabilize with the board pullback. The second crop in Brazil has little issue as it heads to toward the finish line. Trade will be watching for better rain systems in the dry areas toward the first of July. Weekly crop progress showed silking at 4%, same as average, and good to excellent down 5% at 50% good to excellent, and 15% poor to very poor. On the December chart we have resistance at the Upper Bollinger Band at $6.24 with the 20-day moving average at $5.60 just below the market. SOYBEANS: Soybean futures are 29 to 34 cents lower at midday with better rain forecast offsetting conditions along with meal leading the product complex lower. Meal is 7.00 to 8.00 lower and oil is 55 to 65 points lower with oil still holding much of the rebound. Basis has turned a bit more steady with the rally, which should continue in the short term. Weekly crop progress showed 10% blooming versus 9% on average, with good to excellent at 51%, down 3% on the week, with 14% poor to very poor. November chart resistance is the Upper Bollinger Band at $13.90 with the 20-day moving average at $12.44, well below the market. WHEAT: Wheat futures are 31 to 44 cents lower at midday with spillover pressure from the row crops, Harvest pressure is building as combines work north and try to catch up to an average pace. KC wheat fell further behind the average harvest pace at 24% complete versus 33% on average, and 40% good to excellent, up 2%, with 28% poor to very poor. Spring wheat was 31% headed versus 25% on average, and 50% good to excellent, down 1%, with 12% poor to very poor. The dollar has held off the lows as we await further world rate developments, and Matif wheat is sharply lower as well. On the KC September chart, the 20-day moving average at $8.17 is support with the Upper Bollinger Band at $8.80 as resistance. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.