DTN Midday Grain Comments 07/14 10:45

DTN Midday Grain Comments 07/14 10:45 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 3 to 5 cents lower; wheat futures are 12 to 15 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents higher at midday Friday; soybean futures are 3 to 5 cents lower; wheat futures are 12 to 15 cents higher. The U.S. stock market is firmer with the S&P up 10. The U.S. Dollar Index is 5 points higher. Interest rate products are weaker. Energies are weaker with crude 1.25 lower and natural gas off .03. Livestock trade is mostly higher. Precious metals are mixed with gold off 1.00. CORN: Corn futures are 5 to 6 cents higher at midday with action off the overnight highs as we see follow-through buying from the strong finish Thursday. Trade is looking to see how the crop continues to develop along with thoughts of end-user buying showing up on the pullback yesterday. Short-term weather has the broad rains slowing down a bit with warmer but not excessive temps the second week. Ethanol margins are narrowing a bit with the corn rebound but remain solid. Basis will likely flatten out again with the bounce on the board. The second crop in Brazil will continue to see harvest push forward, helping world availability with some rains to slow harvest. On the December chart we have support at the recent low of $4.81 scored Thursday, while the 20-day moving average is well above the market at $5.39. SOYBEANS: Soybean futures are 3 to 5 cents lower at midday with trade pressing back to the highs overnight before fading during the day session. Soy oil lost momentum and more bullish news is needed to push action out of the top of the recent range. Meal is flat to 1.00 higher and oil is 100 to 110 points lower. Basis should remain mostly steady in the short term. Trade will be watching the more extended forecasts into August to see how conditions go into pod-filling season. November chart resistance is the Upper Bollinger Band at $13.96 with the 20-day moving average at $13.32 below the market. WHEAT: Wheat futures are 12 to 15 cents higher at midday with spring wheat leading as we wait to see how much stress develops for the crops in the short term, while winter wheat harvest will continue to grind forward well off the normal pace. Trade will continue to watch for further Black Sea developments as well with the Ukraine grain corridor still up in the air for now. The dollar has faded below 100 on the index with selling after the cooler-than-expected inflation numbers, and Matif wheat is bit firmer Friday. On the KC September Chart, the 20-day moving average at $8.28 is the first resistance area, with $7.92 as support, which we bounced from Thursday. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.