DTN Midday Grain Comments 06/14 10:49

DTN Midday Grain Comments 06/14 10:49 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 3 to 6 cents lower at midday Thursday; soybean futures are 3 to 6 cents lower; wheat futures are 4 to 6 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 6 cents lower at midday Thursday; soybean futures are 3 to 6 cents lower; wheat futures are 4 to 6 cents lower. The U.S. stock market is weaker at midday with the S&P 12 points lower. The U.S. Dollar Index is 45 higher. The interest rate products are mixed. Energy trade has crude .30 lower and natural gas .02 lower. Livestock trade is mixed with cattle leading. Precious metals are firming with gold up 28.00. CORN: Corn futures are 3 to 6 cents lower with trade fading off the upper end of the week range with soft spread action heading towards the weekend after early strength. Ethanol margins should see little change going into the weekend. Warmer weather continues to be seen in the short-term forecast to boost early growth with rains confined to the north and west with heat stress expected to shade to the east. Basis action should continue to remain mostly sideways with softer spread action and fieldwork progress likely to add some pressure into the second half of the month. On the July chart the 20-day at $4.53 is support which trade will need to hold above to maintain momentum with the Lower Bollinger Band as further support at $4.37 which we bounced from last week. SOYBEANS: Soybean futures are 3 to 6 cents lower at midday with the recent back and forth trade continuing with little fresh news to sustain direction. Meal is 1.00 to 2.00 higher, and oil is 5 to 15 points lower. Spread action remains firmer this morning. Open weather should help planting wrap up, along with expanding double crop planting as wheat harvest moves ahead. South America should continue to lead the export market with daily wire quiet after the recent run. Basis should remain mostly steady short term. The July Chart resistance is at the 20-day moving average at $12.06 with support at the fresh low at 11.74 1/4. WHEAT: Wheat futures are 4 to 6 cents lower at midday with light selling pressure continues as harvest moves forward and world values remain soft. Plains harvest should be moving past the 25% point will progress to continue to run well ahead of normal. The dollar is moving back higher in the range again with MATIF action working towards the lows. On the KC July Chart resistance is the 20-day at $6.83, with the lower Bollinger Band at $6.23 which we are holding above at midday. The 100-day moving average is at $6.15 which is the next downside major moving average. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.