DTN Midday Grain Comments 06/21 11:03

DTN Midday Grain Comments 06/21 11:03 Soybean Futures Higher at Midday; Wheat Lower; Corn Mixed Corn futures are narrowly mixed at midday Friday; soybean futures are 6 to 7 cents higher; wheat futures are 2 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Friday; soybean futures are 6 to 7 cents higher; wheat futures are 2 to 8 cents lower. The U.S. stock market is softer at midday with the S&P 7 points lower. The U.S. Dollar Index is 30 points higher. The interest rate products are weaker. Energy trade has crude .15 lower and natural gas .04 lower. Livestock trade is mostly lower. Precious metals are weaker with gold off 32.00. CORN: Corn futures are narrowly mixed in quiet midday trade as we chop just above the recent lows after fading back Thursday. Ethanol margins should remain rangebound with corn and unleaded sideways overall. Warmer weather looks to carry through the end of the month with the east in line for spots of better moisture after recent dryness and the north and west wetter overall. Basis action should stay steady in the short term. Weekly export sales softened a bit at 511,400 metric tons (mt) old crop and 93,600 mt of new. On the July chart, the 20-day moving average at $4.50 is resistance with the Lower Bollinger Band as further support at $4.35, which we bounced from last week. SOYBEANS: Soybean futures are 6 to 7 cents higher with trade seeing firmer spread action again as we try to rebound from the Thursday washout with meal leading the product complex so far. Meal is 5.50 to 6.50 higher and oil is narrowly mixed. Planting should wind down with the heaviest rains in the areas that are mostly complete with early development likely to stay mostly on track nationally. Weekly export sales were in line with expectations at 556,500 mt old crop; 84,000 mt new; meal at 178,800 old and 32,800 new; with large oil sales at 20,900 old crop and -400 of new. Basis should remain mostly steady in the short term. The July chart resistance is at the 20-day moving average at $11.91 with support at the lower Bollinger Band at $11.40. WHEAT: Wheat futures are 2 to 8 cents lower with harvest pressure and oversold conditions edging to another set of fresh lows for the move heading towards the weekend. Plains weather should be mostly open in the short term to keep combines rolling while SRW in the east moves along quickly as well with the warmer and drier weather. The dollar is holding at the top of the range with MATIF action surrendering early gains again. Weekly export sales were solid at 589,700 mt. On the KC July chart, resistance is the 20-day moving average at $6.65, with the fresh low at $5.84 as support. David Fiala can be reached at dfiala@futuresone.com Follow him on social platform X @davidfiala (c) Copyright 2024 DTN, LLC. All rights reserved.