DTN Midday Grain Comments 06/27 10:55

DTN Midday Grain Comments 06/27 10:55 Wheat Futures Higher at Midday; Soybean Lower, Corn Flat to Lower Corn futures are flat to 1 cent lower at midday Thursday; soybean futures are 4 to 5 cents lower and wheat futures are 11 to 18 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are flat to 1 cent lower at midday Thursday; soybean futures are 4 to 5 cents lower and wheat futures are 11 to 18 cents higher. The U.S. stock market is mixed at midday with the S&P 9 points lower. The U.S. dollar index is 15 points lower. The interest rate products are firmer. Energy trade has crude .70 higher and natural gas .02 lower. Livestock trade is mixed. Precious metals are mixed with gold up 23.50. CORN: Corn futures are flat to 1 cent lower at midday with fresh lows being scored yet again overnight as trade gets more oversold heading towards tomorrows report. On the report tomorrow trade is looking for 90.353 million acres vs. 90.036 in March with stocks at 4.873 billion bushels. Ethanol margins should remain strong short term. Warmer weather looks to persist for most into July with much of the belt looking pretty wet in the short term with early tasseling underway. Basis action should stay steady to firmer into July contract delivery. The daily export wire has remained quiet with weekly sales still a bit soft at 542,200 metric tons old crop, and 139,300 of new. On the September chart the 20-day at $4.48 is resistance with the fresh low at $4.22 1/2 as support. SOYBEANS: Soybean futures are 4 to 5 cents lower with spread action softening a touch as we continue to hold the lower end of the range with the product complex turning flat. Meal and oil are narrowly mixed. On the report trade is looking for acres at 86.753 million vs. 86.510 in March with stocks at 962 million bushels. Near term moisture should help crop development along with double crop acres likely to start well with moisture. The daily wire saw 120,000 metric tons of new crop sold to unknown with weekly sales sluggish at 282,900 metric tons of old crop soybeans, and 101,800 metric tons of new with meal at 219,300 metric tons of old, 24,400 of new and oil had -10,600 of old, and 300 of new. Basis should remain mostly steady short term with support from spreads. The September Chart resistance is at the 20-day moving average at $11.43 with support at the lower Bollinger Band at 10.96. WHEAT: Wheat futures are 11 to 18 cents higher at midday with Chicago action leading as trade continues to ease oversold conditions as harvest moves forward in the northern hemisphere. On the report trade is looking for all wheat acres at 47.657 million vs 47.498 in March with stocks at 684 million bushels. Winter wheat harvest should keep pushing ahead with little to slow combines until the push further north with progress likely to remain 7-10 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 highs with MATIF wheat seeing short covering as well. Weekly export sales were strong at 667,200 metric tons. On the KC September Chart resistance is the 20-day at $6.46, with the fresh low at 5.87 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.