DTN Midday Grain Comments 06/10 10:56

DTN Midday Grain Comments 06/10 10:56 Wheat Futures Lower at Midday; Corn, Soybeans Flat to Higher Corn futures are flat to a penny higher at midday Monday; soybean futures are flat to 4 cents higher; wheat futures are 15 to 19 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to a penny higher at midday Monday; soybean futures are flat to 4 cents higher; wheat futures are 15 to 19 cents lower. The U.S. stock market is mixed at midday with the S&P 6 points higher. The U.S. Dollar Index is 40 higher. The interest rate products are weaker. Energies have crude 1.40 higher and natural gas .15 higher. Livestock trade is mixed with the cattle sharply higher. Precious metals are mixed with gold off 2.00. CORN: Corn futures are flat to a penny higher to start the week with flat spread action as trade is struggling to extend the late gains from last week. Ethanol margins should remain stable in the short term with the unleaded recovery continuing. Warmer weather should move in this week for most with rains sticking to the Northern and Western Corn Belt for the most part. South America should see some expansion in exports on a seasonal basis. Basis action should continue to remain mostly sideways with the end of planting likely to allow more movement. Weekly crop progress is expected to show steady conditions after the strong start with emergence at the 5-year average. Weekly export inspections were strong at 1.340 million metric tons (mmt). On the July chart, the 20-day moving average at $4.55 is resistance with the Lower Bollinger Band as support at $4.37, which we bounced from last week. SOYBEANS: Soybeans futures are flat to 4 cents higher with choppy trade continuing along with firm spread action as meal leads the product complex Monday morning. Meal is 6.50 to 7.50 higher and oil is 25 to 35 points lower. South America should continue to lead the export market with U.S. new-crop bookings very light for this time of year. Weekly export inspections were soft at 231,002 metric tons (mt). Planting should wrap up with the more-open forecast this week. The first condition report for the U.S. is likely to be strong with emergence ahead of the 5-year average ahead of double-crop planting. Basis should remain steady in the short term with oil lagging on crush margins again. The July chart resistance is at the 20-day moving average at $12.13 with support at the fresh low at $11.74 1/4. WHEAT: Wheat futures were 15 to 19 cents lower at midday with trade continuing to see harvest pressure while euro values slip despite storms likely slowing Plains harvest over the weekend and little change to Black Sea conditions with late rains as filling wraps up. Plains harvest will likely pick up more later in the week after the weekend storms. The dollar strength is adding pressure as well with MATIF wheat futures testing support to open the week. Weekly crop progress should show steady conditions for spring and winter wheat with harvest progress and emergence ahead of the 5-year averages. Weekly export inspections were in line with recent weeks at 352,202 mt. On the KC July chart, resistance is the 20-day moving average at $6.92, with the lower Bollinger Band at $6.51 as support, which we are testing at midday. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.