DTN Midday Grain Comments 07/25 10:57

DTN Midday Grain Comments 07/25 10:57 Corn, Soybean Futures Lower at Midday; Wheat Mixed Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are 11 to 13 cents lower; wheat futures are 6 cents lower to 2 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Tuesday; soybean futures are 11 to 13 cents lower; wheat futures are 6 cents lower to 2 cents higher. The U.S. stock market is firmer with the S&P up 8. The U.S. Dollar Index is 6 points higher. Interest rate products are weaker. Energies are mostly firmer with crude .40 higher and natural gas narrowly mixed. Livestock trade is mixed with hogs leading. Precious metals are firmer with gold up 2.10. CORN: Corn futures are 1 to 2 cents lower at midday with trade fading back from the upper end of the range with broad ag weakness overnight before firming back toward unchanged during the day session with little change on weekly crop progress and some rain coming into the end of the 7-day window. Short-term hot weather for the bulk of the Corn Belt with ridge riding showers around in some spots as pollination moves forward. Ethanol margins should remain supported by blender margins while corn strength had limited upside. Basis has remained fairly flat in the short term with pressure likely to return as we get closer to harvest. The second crop in Brazil will continue to see harvest progress. Weekly crop progress showed 57% good to excellent and 13% poor to very poor, both unchanged on the week, with maturity ahead of pace at 68% silking versus 65% on average, with corn in the dough at 6% versus 14% on average. On the December chart, the 20-day moving average is below the market at $5.20 and is support with the fresh high Monday at $5.72 1/4 becoming resistance. SOYBEANS: Soybean futures are 11 to 13 cents lower at midday with trade giving back Monday's gains and meal turning back higher to support action, while oil weakness drags action lower. Meal is 3.50 to 4.50 higher and oil is 60 to 70 points lower. Basis should start to ease a little more toward harvest. The second week forecast looks to ease heat some, which could support podfill into August. Weekly crop progress showed good to excellent 1% lower at 54% and poor to very poor 1% higher at 14%; 70% blooming versus 66% last year; 35% setting pods versus 31% on average. November chart resistance is the Upper Bollinger Band at $14.38 with the 20-day moving average at $13.56, well below the market. WHEAT: Wheat futures are 6 cents lower to 2 cents higher with early strength fading as Chicago leads us back from the session lows as we wait for more Black Sea area developments along with harvest moving forward for the Northern Hemisphere. We have Plains harvest heading toward the homestretch with 69% harvested versus 77% on average with better progress likely this week with the warm up. Warmer temps should help push spring wheat along as well with 94% headed versus 93% on average, with 49% good to excellent, down 2%, and poor to very poor at 16%, up 2%. The dollar is holding above 100 on the index, and Matif wheat is solidly lower this morning. Weekly export inspections were still soft at 358,796 metric tons (mt). On the KC September chart, the 20-day moving average at $8.34 is the first support area with the fresh high at 9.29 3/4 becoming resistance. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.