DTN Midday Grain Comments 07/06 10:49

DTN Midday Grain Comments 07/06 10:49 Corn Futures Higher at Midday; Soybeans Lower; Wheat Mixed Corn futures are 9 to 10 cents higher at midday Thursday; soybean futures are 16 to 18 cents lower; wheat futures are 22 cents lower to 2 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 9 to 10 cents higher at midday Thursday; soybean futures are 16 to 18 cents lower; wheat futures are 22 cents lower to 2 cents higher. The U.S. stock market is sharply lower with the S&P off 60. The U.S. Dollar Index is 5 points lower. Interest rate products are weaker. Energies are weaker with crude 1.10 lower and natural gas off .05. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off 12.50. CORN: Corn futures are 9 to 10 cents higher at midday with trade continuing to consolidate in the lower end of the range with sustained buying still limited on firmer spread action. Ethanol margins are a little narrower Thursday morning with the weekly report showing production up by 8,000 barrels per day (bpd), and stocks down by 719,000 barrels. The daily wire was quiet through midweek with export sales delayed until Friday. Basis will continue to stabilize with the board pullback and tighter stocks. The second crop in Brazil will continue to see harvest push forward, helping world availability. Rains looks to be mixed in the short term with cooler temps and more questions in the second week. On the December chart we have resistance at $5.00 nearby, which we are just above at midday, with the lower Bollinger Band at $4.71 as support with trade holding above it for now. SOYBEANS: Soybean futures are 16 to 18 cents lower with oil leading the products lower as trade looks to consolidate the recent gains as buying slows down. Meal is flat to 1.00 lower and oil is 220 to 230 points lower. The daily wire will likely remain quiet for now with importers likely to wait for a break before stepping up again. Basis has turned a bit more steady with the rally, which should continue in the short term. Better rains are expected to stay more south in the short term. Cooler short-term temps should support crop conditions as we wait for the next set of rains. November chart resistance is the Upper Bollinger Band at $14.13 with the 20-day moving average at $12.90, well below the market. WHEAT: Wheat futures are 22 cents lower to 2 cents higher with KC and Minneapolis action leading. Harvest should remain slow for winter and some premium is being put back in on Black Sea area fears with nuclear plant worries and reported peace talks along with grain corridor renewal looming again. Plains harvest should pick back up later in the week as it dries out a bit in the short term. The dollar is cooling the recent rally but remains near the highs, and Matif wheat is flat at midday. On the KC September Chart, the 20-day moving average at $8.22 is first support area, with the Upper Bollinger Band at $8.84 as resistance. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.