DTN Midday Grain Comments 06/24 10:55

DTN Midday Grain Comments 06/24 10:55 Corn, Wheat Futures Lower at Midday; Soybeans Higher Corn futures are 5 to 6 cents lower at midday Monday; soybean futures are 5 to 8 cents higher; wheat futures are 3 to 9 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 5 to 6 cents lower at midday Monday; soybean futures are 5 to 8 cents higher; wheat futures are 3 to 9 cents lower. The U.S. stock market is mixed at midday with the S&P 16 points higher. The U.S. Dollar Index is 30 points lower. The interest rate products are weaker. Energy trade has crude .80 higher and natural gas .04 higher. Livestock trade is mixed. Precious metals are mixed with gold up 14.00. CORN: Corn futures are 5 to 6 cents lower at midday with selling pressure continuing as the forecast looks to ease rains into the drier areas in the short term, while flood damage in the northwest part of the belt this weekend is assessed. Ethanol margins look to hold support in the short term with corn values while blenders are boosted by unleaded holding near the upper end of the recent range. Warmer weather looks to persist for most into July with better rain coverage near term as pollination approaches. Basis action should stay steady in the short term. Weekly export inspections were 1.118 million metric tons (mmt). Weekly crop progress is expected to show good-to-excellent percentage declining slightly with overall progress ahead of the 5-year average. On the July chart, the 20-day moving average at $4.48 is resistance with the fresh low at $4.25 as support. SOYBEANS: Soybean futures are 5 to 8 cents higher at midday with spread action remaining solid and meal leading the product complex as trade works to firm off the lower end of the range. Meal is 5.00 to 6.00 higher and oil is 30 to 40 points lower. Planting is down to double-crop acres with immediate moisture concerns confined to the flooded areas. Monday the daily export wire saw 256,000 metric tons (mt) of meal sold to Philippines. Weekly export inspections stayed rangebound at 342,293 mt. Weekly crop progress is expected to show good to excellent slightly lower with overall development pace ahead of the 5-year average. Basis should remain mostly steady in the short term with support from spreads. The July chart resistance is at the 20-day moving average at $11.87 with support at the lower Bollinger Band at $11.40. WHEAT: Wheat futures are 3 to 9 cents lower with Chicago the downside leader as harvest pressure continues to mount as we get more deeply oversold to start the week. Winter wheat harvest should keep pushing ahead with little to slow combines until the push further north, while soggy conditions slow development for spring wheat. The dollar is just off the top of the range with MATIF wheat seeing pressure as well but a bit off the lows. Weekly export inspections were OK at 342,692 mt. Weekly crop progress should show winter wheat harvest past 40% complete with steady conditions while spring wheat development should remain ahead of average with good to excellent likely to edge slightly lower. On the KC July chart, resistance is the 20-day moving average at $6.57, with the fresh low at $5.75 1/2 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.