DTN Midday Grain Comments 06/29 10:55

DTN Midday Grain Comments 06/29 10:55 Corn Futures Lower at Midday; Soybeans Higher; Wheat Mixed Corn futures are 4 to 6 cents lower at midday Thursday; soybean futures are 2 to 3 cents higher; wheat futures are 2 cents lower to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 6 cents lower at midday Thursday; soybean futures are 2 to 3 cents higher; wheat futures are 2 cents lower to 8 cents higher. The U.S. stock market is firmer with the S&P 10 higher. The U.S. Dollar Index is 30 points higher. Interest rate products are mostly weaker. Energies are mixed with crude .60 lower and natural gas up .03. Livestock trade is flat to lower. Precious metals are weaker with gold down 2.00. CORN: Corn trade is 4 to 6 cents lower at midday with trade filling the gap area at $5.30 on the December chart with two-sided action so far as we position ahead of Friday's report and rains spreading across the Corn Belt Thursday. Ethanol margins should firm a bit more as corn fades, but unleaded will need to sustain better action to really encourage blending. Weekly export sales remained poor at 140,400 metric tons (mt) old crop and 123,500 mt of new. Basis will likely stabilize with the board pullback with some small pockets of strength showing. The second crop in Brazil has little issue with early harvest getting underway. On the stocks and acres report Friday, trade is looking for 91.853 million acres of corn, in line with the March planting number of 91.996 million. Corn stocks are expected at 4.255 billion bushels (bb) versus 4.349 bb last year. On the December chart we have resistance at the 20-day moving average of $5.61 that we fell below overnight, with the lower Bollinger Band at $4.98 as support with the $5.30 gap area filled Friday morning. SOYBEANS: Soybean futures are 2 to 3 cents higher in quiet trade as we try to consolidate ahead of Friday's reports with meal retaking the lead from oil at midday on the product side. Meal is flat to 1.00 higher and oil is 15 to 25 points lower. Weekly export sales were lackluster at 227,400 mt old crop and 17,000 mt new; meal sales were 104,800 old and 68,700 new; oil sales were 1,000 mt. 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. On the report Friday, trade is looking for 87.67 million acres, up slightly from the March number of 87.505 million with stocks at 812 mb versus 968 mb last year. November chart resistance is the Upper Bollinger Band at $13.90 with the 20-day moving average at $12.56, just below the market. WHEAT: Wheat futures are 2 cents lower to 8 cents higher as spring wheat leads. Trade is looking to consolidate around $8.00 for up-front KC action heading toward Friday's report as harvest pushes forwards. The Plains may see harvest slowed by morning storms as it works north, while spring wheat areas are likely to remain mixed in the short term. The dollar is cooling the recent rally this morning, and Matif wheat is slightly lower as well. On the report trade is looking for all-wheat acres at 49.656 million, down just slightly from March at 49.855 million with stocks at 611 mb versus 698 mb last year. Weekly export sales were soft at 155,200 mt. On the KC September Chart, the 20-day moving average at $8.19 is resistance after we faded below it, with $8.00 the first nearby support area. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.