DTN Midday Grain Comments 07/27 10:49

DTN Midday Grain Comments 07/27 10:49 Soybean Futures Lower at Midday; Wheat Higher; Corn Mixed Corn futures are narrowly mixed at midday Thursday; soybean futures are 5 to 6 cents lower; wheat futures are 2 to 13 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Thursday; soybean futures are 5 to 6 cents lower; wheat futures are 2 to 13 cents higher. The U.S. stock market is mixed with the S&P up 20. The U.S. Dollar Index is 90 points higher. Interest rate products are weaker. Energies are mixed with crude 1.35 higher and natural gas off .15. Livestock trade is mixed. Precious metals are weaker with gold off 26.00. CORN: Corn futures are narrowly mixed at midday with light, two-sided action as we work to consolidate further in the middle part of the range while we wait on further forecasts and spillover direction from outside markets, wheat, and soybeans. Short-term hot weather for the bulk of the Corn Belt with ridge riding showers to continue as pollination heads for the homestretch. Ethanol margins should stay within the recent range with blenders continuing to see better short-term action. Weekly export sales improved a bit at 314,200 metric tons (mt) of old crop and 335,800 mt of new. 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 adding to near-term world supply. On the December chart the 20-day moving average is below the market at $5.21, which is support, with the fresh high Monday at $5.72 1/4 becoming resistance. SOYBEANS: Soybean futures are 5 to 6 cents lower with the early short squeeze in the front months fading toward midday with product values cooling. Meal is 1.00 to 2.00 higher and oil is 120 to 140 points lower. The daily export wire reported another 256,000 mt of new crop soybeans heading to unknown destinations. Weekly export sales improved at 198,500 mt old; 544,600 mt new; old meal at 159,800; new meal at 114,000; oil at 2,100. Basis should start to ease a little more toward harvest with notable weakness at places not bidding off the November so far this week. The second week forecast looks to ease heat some areas, which could support pod filling into August. November chart resistance is the Upper Bollinger Band at $14.53 with the 20-day moving average at $13.71, well below the market. WHEAT: Wheat futures are 2 to 13 cents higher with KC action leading. There were more attacks on Odesa overnight and volatile trade is likely to continue with headline risk and harvest pressure battling with firmer intramonth spreads so far. Plains winter wheat harvest should continue to move ahead as it heads toward the homestretch with the spring wheat crop tour finding yields a touch lower on the second day. The dollar is back to the top of the recent range after the better-than-expected economic numbers Thursday, and Matif wheat is slightly higher. Weekly export sales improved a little on the week at 233,200 mt. On the KC September chart, the 20-day moving average at $8.39 is the first support area with the fresh high at $9.29 3/4 as resistance. David Fiala can be reached at [email protected] Follow him on Twitter @davidfiala (c) Copyright 2023 DTN, LLC. All rights reserved.