DTN Midday Grain Comments 06/26 10:54

DTN Midday Grain Comments 06/26 10:54 Soybean, Wheat Futures Higher at Midday; Corn Flat to Higher Corn futures are flat to 1 cent higher at midday Wednesday; soybean futures are 1 to 5 cents higher; wheat futures are 5 to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent higher at midday Wednesday; soybean futures are 1 to 5 cents higher; wheat futures are 5 to 8 cents higher. The U.S. stock market is mixed at midday with the S&P 9 points lower. The U.S. Dollar Index is 45 points higher. The interest rate products are weaker. Energy trade has crude .30 lower and natural gas .08 lower. Livestock trade is broadly higher. Precious metals are mixed with gold off 17.00. CORN: Corn futures are flat to 1 cent higher at midday with trade working to find support at the low end of the range after scoring fresh lows each day so far this week. Weekly ethanol production showed production edging lower by 14,000 barrels per day (bpd), with stocks down by 194,000 barrels as margins remain strong. Warmer weather looks to persist for most into July with much of the belt looking pretty wet in the short term. Basis action should stay steady to firmer ahead of July contract delivery. Weekly export sales are expected to be in the 400,000 to 600,000 metric ton (mt) range. On the July chart, the 20-day moving average at $4.44 is resistance with the fresh low at $4.23 1/2 as support. SOYBEANS: Soybean futures are 1 to 5 cents higher at midday with spreads continuing to firm ahead of the coming report and July going into delivery with oil leading the product complex so far. Meal is 3.00 to 4.00 lower and oil is 50 to 60 points higher. Near-term moisture should help crop development along with double-crop acres likely to start well with moisture. Weekly export sales are expected to be in the 200,000 to 350,000 mt range with better product action. 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 $11.80 with support at the lower Bollinger Band at 11.45. WHEAT: Wheat futures are 5 to 8 cents higher at midday with some short-covering starting to develop amid the oversold conditions and harvest pressure. Winter wheat harvest should keep pushing ahead with little to slow combines until the push further north with progress likely to remain seven to 10 days ahead of normal, while spring wheat areas should stay mostly wet and on the cooler end for now. The dollar is just off the top of the range with MATIF wheat seeing short-covering as well. Weekly export sales are expected to be in the 300,000 to 450,000 mt range. 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.