DTN Midday Grain Comments 06/18 10:52

DTN Midday Grain Comments 06/18 10:52 Corn, Soybean Futures Higher at Midday; Wheat Lower Corn futures are 5 to 7 cents higher at midday Tuesday; soybean futures are 11 to 14 cents higher; wheat futures are 1 to 5 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 7 cents higher at midday Tuesday; soybean futures are 11 to 14 cents higher; wheat futures are 1 to 5 cents lower. The U.S. stock market is mixed at midday with the S&P 2 points higher. The U.S. Dollar Index is 3 lower. The interest rate products are firmer. Energy trade has crude 1.10 higher and natural gas .08 higher. Livestock trade is mostly lower. Precious metals are mixed with gold up 4.00. CORN: Corn futures are 5 to 7 cents higher at midday with spread action firmer as trade consolidates after the recent slide with few surprises on the weekly crop progress report with action just below nearby resistance. Ethanol margins should remain rangebound in the short term with the firmer unleaded action recently boosting blenders. Warmer weather continues to be seen in the short-term forecast with the north and west to see significant moisture with the east staying warmer and drier for now with more focus on the second week of the forecast. Basis action should stay steady in the short term. Weekly crop progress showed emergence at 93% versus 92% on average, with 72% good to excellent, down 2 percentage points, and 5% poor to very poor. On the July chart, the 20-day moving average at $4.52 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 11 to 14 cents higher at midday with firm spread action and broad product strength helping us rebound off the fresh lows scored Monday. Meal is 4.50 to 5.50 higher and oil is 60 to 70 points higher. NOPA crush came in above expectations for May, scoring a new record with tighter oil stocks. Planting should wind down with the heaviest rains in the areas that are mostly complete. Weekly crop progress showed 93% planted versus 91% on average; 82% emerged versus 79% on average; with 70% good to excellent, down two percentage points, and 5% poor to very poor. 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 $11.98 with support at the lower Bollinger Band at 11.44. WHEAT: Wheat futures are 1 to 5 cents lower with Chicago action the downside leader as harvest pushes forward on the Plains and begins to expand in the Black Sea area as we edge toward heavily oversold conditions. Plains harvest should continue to move ahead with harvest at 27% complete versus 14% on average, which is the fastest pace since 2012. Wheat rated good to excellent was up 2 percentage points to 49%, with 17% poor to very poor. Spring wheat is 4% headed versus 7% on average with 76% good to excellent, up 3 percentage points, and 4% poor to very poor. The dollar is holding at the top of the range with MATIF action at fresh lows for the move and getting oversold as well. On the KC July chart resistance is the 20-day moving average at $6.76, with the lower Bollinger Band at $5.99, which we are just above 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.