DTN Midday Grain Comments 06/28 10:48

DTN Midday Grain Comments 06/28 10:48 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 14 to 16 cents lower at midday Wednesday; soybean futures are 26 to 28 cents lower; wheat futures are 20 to 25 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 14 to 16 cents lower at midday Wednesday; soybean futures are 26 to 28 cents lower; wheat futures are 20 to 25 cents lower. The U.S. stock market is mixed with the S&P 2 lower. The U.S. Dollar Index is 50 points higher. Interest rate products are firmer. Energies are mixed with crude 1.60 higher and natural gas off .03. Livestock trade is mixed with feeder cattle leading. Precious metals are weaker with gold down 6.00. CORN: Corn futures are 14 to 16 cents lower at midday with trade momentum slower, but volatile, as rains are expected for many of the driest areas into the weekend. Ethanol margins should firm a little as corn fades but unleaded will need to sustain better action. The weekly report showed production unchanged and stocks up by 175,000 barrels. The daily export wire saw a small spark of life with 170,076 metric tons (mt) sold to Mexico. Basis will likely stabilize with the board pullback. The second crop in Brazil has little issue with early harvest underway. On the December chart we have resistance at the 20-day moving average at $5.61, which we fell below overnight, with the lower Bollinger Band at $4.98 as support. SOYBEANS: Soybean futures are 26 to 28 cents lower at midday with trade fading further on the wetter forecast with oil reversing off fresh highs to help drag the product complex lower. Meal is 6.00 to 7.00 lower and oil is 90 to 110 points lower. Basis has turned a bit more steady with the rally, which should continue in the short term. Better rains are expected in the driest areas over the next week or so to help boost development. November chart resistance is the Upper Bollinger Band at $13.90 with the 20-day moving average at $12.50 just below the market. WHEAT: Wheat futures are 20 to 25 cents lower at midday, following the lead of the row crops with harvest pressure to continue to expand in the short term, along with outside market headwinds in currencies. The Plains look more open, rain-wise, in the short term for winter wheat areas, while spring wheat areas are likely to remain mixed. The U.S. Dollar is moving back toward the upper end of the range as we await further world rate developments, and Matif wheat is lower as well. On the KC September Chart, the 20-day moving average at $8.19 is support, which we are below at midday, with the Upper Bollinger Band at $8.78 as resistance. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.