DTN Midday Grain Comments 06/28 10:45

DTN Midday Grain Comments 06/28 10:45 Corn, Soybean Futures Higher at Midday; Wheat Narrowly Mixed Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 7 to 9 cents higher; wheat futures are narrowly mixed. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Friday; soybean futures are 7 to 9 cents higher; wheat futures are narrowly mixed. The U.S. stock market is firmer at midday with the S&P 13 points higher. The U.S. Dollar Index is narrowly mixed. The interest rate products are weaker. Energy trade has crude .30 lower and natural gas .05 lower. Livestock trade is mostly lower. Precious metals are mixed with gold flat. CORN: Corn futures are 3 to 4 cents higher at midday with light short-covering ahead of the USDA report as we remain deeply oversold heading into it, along with the July contract entering delivery. On the report, trade is looking for 90.353 million acres versus 90.036 million in March with stocks at 4.873 billion bushels (bb). Ethanol values faded Thursday but overall margins should continue to be positive into midsummer. Warmer weather looks more confined to the south and east into July with moisture in play for much of the belt. Basis action should stay steady to firmer into July contract delivery. On the September chart, the 20-day moving average at $4.46 is resistance with the fresh low at $4.22 as support. SOYBEANS: Soybean futures are 7 to 9 cents higher at midday with spread trade flat to firmer ahead of the report and product values still struggling to maintain momentum. Meal is 1.00 to 2.00 higher and oil is 20 to 30 higher. On the report, trade is looking for acres at 86.753 million versus 86.510 million in March with stocks at 962 million bushels (mb). Near-term moisture should help crop development along with double-crop acres likely to start off well. Basis should remain mostly steady in the short term with support from spreads as July hits delivery. The September chart resistance is at the 20-day moving average at $11.39 with support at the lower Bollinger Band at $10.93. WHEAT: Wheat futures are narrowly mixed with Chicago leading again as trade works to extend the reversal into the weekend with spread action firming as harvest pressure starts to ease along with oversold conditions moderating. On the report, trade is looking for all wheat acres at 47.657 million versus 47.498 million in March with stocks at 684 mb. Winter wheat harvest should maintain the strong pace heading toward the weekend, 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 working to extend its bounce as well. On the KC September Chart resistance is the 20-day moving average at $6.41, with the fresh low at $5.76 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.