DTN Midday Grain Comments 07/28 11:22

DTN Midday Grain Comments 07/28 11:22 Corn, Wheat, Soybean Futures Lower Corn, soybean and futures are lower at midday Friday. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn, soybean and wheat futures are lower at midday Friday. The U.S. stock market is firmer with the S&P up 50. The U.S. Dollar Index is 20 points lower. Interest rate products are weaker. Energies are firmer with crude .15 higher and natural gas up .03. Livestock trade is firmer. Precious metals are firmer with gold up 15.00. CORN: Corn futures are lower at midday with trade fading back to the lower end of the recent range. December corn is 4 1/2 lower. Short-term weather should cool for most after Friday with some above-normal temps continuing into next week with rain coverage still mixed. Ethanol margins should stay within the recent range with blenders continuing to see better short-term action. Basis has faded again in the middle of the country. 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 lower at midday. November soybeans are 12 lower. Meal is 2.00 to 3.00 lower and oil is 50 to 60 points higher. The daily export wire remained active with another 325,000 metric tons (mt) sold to China; 171,460 mt to Mexico; and 413,000 mt to unknown destinations. Basis should start to ease a little more toward harvest with notable weakness at places not bidding of the November so far this week. The second week forecast looks to ease heat some, which could support pod filling into August. November chart resistance is the Upper Bollinger Band at $14.39 with the 20-day moving average at $13.78 below the market. WHEAT: Wheat futures are lower as harvest pressure and world events continue volatility. Hot weather should push U.S. harvest forward with the spring wheat tour wrapping up with yields close to last year's levels. The dollar is back to the top of the recent range after the better-than-expected economic numbers Thursday. Matif wheat is slightly lower as well. On the KC September chart, the 20-day moving average at $8.41 is the first support area, which we tested, 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.