DTN Midday Grain Comments 06/30 10:46

DTN Midday Grain Comments 06/30 10:46 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 24 to 27 cents higher; wheat futures are 3 to 18 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents higher at midday Friday; soybean futures are 24 to 27 cents higher; wheat futures are 3 to 18 cents higher. The U.S. stock market is firmer with the S&P 45 higher. The U.S. Dollar Index is 45 points lower. Interest rate products are mostly firmer. Energies are firmer with crude 1.00 higher and natural gas up .08. Livestock trade is mostly lower. Precious metals are firmer with gold up 5.00. CORN: Corn futures are 2 to 3 cents higher at midday with action off the overnight highs with pre-report position squaring along with storms working through much of the belt again today. Ethanol margins will likely stay in the recent range with corn consolidating along with the rangebound action in energies. 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 due out at 11 a.m. CDT, trade is looking for 91.853 million acres of corn, in line with the March planting number of 91.996 million, with corn stocks 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 at $5.61 that we fell below at midweek, with the lower Bollinger Band at $4.98 as support and the $5.30 gap area filled yesterday. SOYBEANS: Soybean futures are 24 to 27 cents higher at midday with broad strength so far. Product action is carrying us with oil leading as rains work through much of the belt along with pre-report position squaring. Meal is 1.00 to 2.00 higher and oil is 210 to 230 points higher. The daily wire saw some life again with 132,000 metric tons (mt) of soybeans sold to China. 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, trade is looking for 87.67 million acres, up slightly from the March number of 87.505 million, with stocks at 812 million bushels (mb) versus 968 mb last year. November chart resistance is the Upper Bollinger Band at $13.88 with the 20-day moving average at $12.62, just below the market. WHEAT: Wheat futures are 3 to 18 cents higher with KC action leading as the spread firms again with some harvest delays from the storms and mixed action in the north helping us find some pre-report strength. The dollar is cooling the recent rally but remains near the highs, and Matif wheat is slightly higher 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. On the KC September Chart, the 20-day moving average at $8.19 is resistance after we faded below it at midweek, which we testing at midday, 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.