DTN Midday Grain Comments 07/01 10:57

DTN Midday Grain Comments 07/01 10:57 Corn Futures Lower at Midday; Soybean, Wheat Higher Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 7 to 9 cents higher and wheat futures are 10 to 17 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents lower at midday Monday; soybean futures are 7 to 9 cents higher and wheat futures are 10 to 17 cents higher. The U.S. stock market is mixed at midday with the S&P flat. The U.S. Dollar Index is narrowly mixed. The interest rate products are weaker. Energy trade has crude 1.00 higher and natural gas .09 lower. Livestock trade is mostly lower. Precious metals are mixed with gold 1.20 lower. CORN: Corn futures are 1 to 2 cents lower with light, two-sided action so far during the day session with trade holding the Friday lows. On Friday's USDA reports, 91.475 million acres were reported planted versus 90.353 million expected and 90.036 million in March, with stocks at 4.993 billion bushels (bb) versus 4.873 bb expected and 4.103 bb last year. Ethanol margins remain supported by corn action with unleaded values staying firm. Rains continue to hit the north and west parts of the belt while the drier eastern areas caught up a bit with warmer overall weather expected into mid-July for most. Basis action should stay steady to firmer into July contract delivery. Weekly export inspections eased a little at 819,577 metric tons (mt). Weekly crop progress is expected see steady conditions and development near the 5-year average. On the September chart, the 20-day moving average at $4.43 is resistance with the fresh low at $3.99 1/2 as support. SOYBEANS: Soybean futures are 7 to 9 cents higher with firmer spread action continuing with trade remaining oversold at the lower end of the range with sustained gains still limited Monday. Meal is mixed, and oil is 155 to 165 points higher. On Friday's USDA report, we saw acres at 86.10 million versus 86.753 million expected and 86.51 million in March with stocks at 970 million bushels (mb) versus 962 mb expected and 796 mb last year. Near-term moisture should help crop development in July with weekly crop progress likely to show steady conditions with development just ahead of the 5-year average. Weekly export inspections were in line seasonally at 303,023 mt. 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 $11.34 with support at the lower Bollinger Band at $10.89. WHEAT: Wheat futures are 10 to 17 cents higher at midday with oversold conditions and harvest pressure easing so far as we push further away from last week's lows. On the report, trade saw wheat acres at 47.24 million versus 47.657 million expected and 47.498 million in March with stocks at 702 mb versus 684 mb expected and 570 mb last year. Winter wheat harvest is heading toward the homestretch at this point, which should help ease selling pressure with weekly progress expected to be solidly past 50%, while spring wheat areas should stay mostly wet and on the cooler end for now. Weekly export inspections were at the lower end of the range at 309,775 mt. Weekly crop progress is expected to show steady conditions with spring wheat development near average pace. The dollar is just off the highs again with MATIF wheat finding some solid buying Monday morning. On the KC September chart, resistance is the 20-day moving average at $6.33, 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.