DTN Midday Grain Comments 06/25 10:52

DTN Midday Grain Comments 06/25 10:52 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 6 to 7 cents lower at midday Tuesday; soybean futures are 17 to 22 cents lower; wheat futures are 4 to 10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 6 to 7 cents lower at midday Tuesday; soybean futures are 17 to 22 cents lower; wheat futures are 4 to 10 cents lower. The U.S. stock market is mixed at midday with the S&P 16 points higher. The U.S. Dollar Index is 20 points higher. The interest rate products are mixed. Energy trade has crude .05 higher and natural gas .06 lower. Livestock trade is mixed with hogs leading. Precious metals are weaker with gold off 8.00. CORN: Corn futures are 6 to 7 cents lower at midday with trade scoring fresh lows again with broad selling in the ags from the start of the day session with favorable weather and little bullish news as trade pushes toward oversold conditions. Ethanol margins should remain supported in the near term with corn values and flood disruptions boosting cash trade. Warmer weather looks to persist for most into July with better rain coverage for most into early July with flood assessments on going. Basis action should stay steady in the short term. Weekly crop progress showed silking at 4% versus 3% on average; 69% good to excellent, down 3%; 7% poor to very poor, up 2%. On the July chart, the 20-day moving average at $4.48 is resistance with the fresh low at $4.23 1/2 as support. SOYBEANS: Soybean futures are 17 to 22 cents lower at midday with trade giving back the Monday gains even as spread action remains firm with less threatening weather and weak product action. Meal is 5.00 to 6.00 lower and oil is 60 to 70 points lower. Near-term moisture should help crop development along with double-crop acres likely wrapped up early with the wheat harvest pace. Weekly crop progress showed 90% emerged versus 87% on average; 8% blooming, same as average; good to excellent 67%, off 3% on the week; 8% poor to very poor, up 3%. 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 $11.84 with support at the lower Bollinger Band at $11.45. WHEAT: Wheat futures are 4 to 10 cents lower with KC action leading as early gains faded as harvest pressure continues to overshadow the deeply oversold conditions. Winter wheat harvest should keep pushing ahead with little to slow combines until the push further north with progress likely to remain 7 to 10 days ahead of normal, while soggy conditions ease for spring wheat to boost development. The dollar is just off the top of the range with MATIF wheat continuing to work near the lows. Weekly crop progress showed harvest 40% complete versus 25% on average; good to excellent up 3% to 52% on winter wheat; spring 18% headed, same as average; good to excellent down 5% to 71%; 4% poor to very poor. On the KC July chart, resistance is the 20-day moving average at $6.50, 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.