DTN Midday Grain Comments 06/17 10:53

DTN Midday Grain Comments 06/17 10:53 Corn, Soybean, Wheat Futures All Lower at Midday Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 18 to 20 cents lower; wheat futures are 13 to 18 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents lower at midday Monday; soybean futures are 18 to 20 cents lower; wheat futures are 13 to 18 cents lower. The U.S. stock market is firmer at midday with the S&P 10 points higher. The U.S. Dollar Index is 9 lower. The interest rate products are weaker. Energy trade has crude 1.10 higher and natural gas .10 lower. Livestock trade is mixed with hogs leading. Precious metals are mixed with gold off 13.00. CORN: Corn futures are 3 to 4 cents lower at midday with trade seeing steady to slightly better spread action but overall weakness continuing with spillover pressure from soy and wheat. Ethanol margins are firming to start the week with unleaded up and corn soft. Warmer weather continues to be seen in the short-term forecast with the north and west to see significant moisture and the east staying warmer and drier for now. Basis action should stay steady in the short term. Weekly export inspections remain solid at 1.287 million metric tons (mmt). Weekly crop progress is expected to show steady conditions with planting complete and emergence nearly so. On the July chart, the 20-day moving average at $4.53 is resistance again after we failed to hold Friday with the Lower Bollinger Band as further support at $4.37, which we bounced from last week. SOYBEANS: Soybean futures are 18 to 20 cents lower at midday with broad product weakness as trade falls back to the lower end of the recent range. Meal is 6.00 to 8.00 lower and oil is 25 to 35 points lower. Spread action has turned softer after early strength but we remain inverted up front. NOPA crush is expected to rebound a bit for May after the slow April. Planting should wind down with the heaviest rains in the areas that are mostly complete. Weekly export inspections remain soft seasonally at 334,327 metric tons (mt) with weekly crop progress expected to show planting effectively complete except for double crop with steady conditions and above average emergence. South America should continue to lead the export market. Basis should remain mostly steady in the short term. The July chart resistance is at the 20-day moving average at $12.06 with support at the lower Bollinger Band at $11.48. WHEAT: Wheat futures are 13 to 18 cents lower at midday with harvest pressure continuing along with world values continuing to slip. Plains harvest should continue to move ahead with progress likely to be past 25% complete on the weekly report with spring wheat areas seeing ample rain with conditions likely to remain steady. Weekly export inspections remained within the recent range at 374,637 mt. The dollar is back at the top of the range with MATIF action at the recent lows and getting oversold. On the KC July chart, resistance is the 20-day moving average at $6.83, with the lower Bollinger Band at $6.11, 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.