DTN Midday Grain Comments 07/24 11:15

DTN Midday Grain Comments 07/24 11:15 Corn, Soybean, Wheat Futures Higher at Midday Corn futures are 23 to 25 cents higher at midday Monday; soybean futures are 16 to 22 cents higher; wheat futures are 48 to 60 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 23 to 25 cents higher at midday Monday; soybean futures are 16 to 22 cents higher; wheat futures are 48 to 60 cents higher. The U.S. stock market is firmer with the S&P up 18. The U.S. Dollar Index is 25 points higher. Interest rate products are mixed. Energies are mostly firmer with crude 1.70 higher and natural gas off .03. Livestock trade is mixed. Precious metals are mixed with gold off 5.90. CORN: Corn futures are 23 to 25 cents higher to open the week with light early gains giving way to broader buying with a new high scored for the move as we await short-term heat and further Black Sea developments. Hot weather in the short term for the bulk of the Corn Belt with ridge riding showers around in some spots as pollination moves forward. Ethanol margins will narrow with the corn bounce but firmer unleaded should hold blender margins in place. Weekly export inspections were still poor at 309,981 metric tons (mt). Basis has remained fairly flat in the short term. The second crop in Brazil will continue to see harvest progress. Weekly crop progress is expected to show steady to slightly better conditions, with maturity still running ahead of the 5-year average. On the December chart we have support at the recent low at $4.81 scored last week, while the 20-day moving average is below the market at $5.21, with the fresh high overnight at $5.66 becoming resistance. SOYBEANS: Soybean futures are 16 to 22 cents higher at midday with trade working back above $14.00 with spillover support from grain and short-term hot weather expected to add some crop stress. Meal is 2.00 to 3.00 higher and oil is 230 to 240 points higher, adding to the early support. USDA reported a private export sale of 121,000 metric tons of soybeans to China today by private exporters. Weekly inspections stayed range-bound at 283,378 mt. Basis should remain mostly steady in the short term. The second week forecast looks to ease heat some, which could support pod filling. Weekly crop progress is expected to show steady to slightly better conditions with maturity still solidly ahead of the 5-year pace. November chart resistance is the Upper Bollinger Band at $14.38 with the 20-day moving average at $13.42, well below the market. WHEAT: Wheat futures are 48 to 60 cents higher at midday with port attacks in Ukraine and with other conflict intensification helping push action. Trade is pressing back into the upper end of the range with Plains harvest heading toward the homestretch with some contracts limit higher. Warmer temps should help push spring wheat along as well with maturity likely to be well ahead of the 5-year average on the report along with steady conditions. The dollar is back above 100 on the index, and Matif wheat is sharply higher this morning. Weekly export inspections were still soft at 358,796 mt. On the KC September chart, the 20-day moving average at $8.31 is the first support area with the winter high at $9.45 the next level up. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.