DTN Midday Grain Comments 07/02 10:51

DTN Midday Grain Comments 07/02 10:51 Corn, Soybean Futures Higher at Midday; Wheat Lower Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 6 to 7 cents higher; wheat futures are 3 to 10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Tuesday; soybean futures are 6 to 7 cents higher; wheat futures are 3 to 10 cents lower. The U.S. stock market is firmer at midday with the S&P 9 higher. The U.S. Dollar Index is 10 points lower. The interest rate products are firmer. Energy trade has crude .25 higher and natural gas .04 lower. Livestock trade is mostly higher. Precious metals are mixed with gold 1.20 lower. CORN: Corn futures are 1 to 2 cents higher at midday with light short-covering ongoing as trade fades back from early nickel higher trade with spread action flat to firmer. Ethanol margins should receive a boost from rising unleaded values with corn still solidly in the lower end of the range. Rains continue to work through the western part of the belt with flooding issues still showing up. Basis action should stay steady to firmer in the short term. The daily export wire saw 100,000 metric tons of old crop corn sold to Colombia. Weekly crop progress showed good to excellent 2% lower at 67% and poor to very poor at 9% with 11% silking versus 6% on average. On the September chart, the 20-day moving average at $4.41 is resistance with the fresh low at $3.99 1/2 as support. SOYBEANS: Soybean futures are 6 to 7 cents higher with soyoil the product complex leader with trade working to extend the gains seen Monday with firm spread action so far Tuesday. Meal is 1.50 to 2.50 higher and oil is 105 to 115 points higher. Near-term moisture should help crop development in July with weekly crop progress showing good to excellent unchanged at 67% and poor to very poor unchanged at 8% with 20% blooming versus 15% on average, and 3% setting pods versus 2% on average. Basis should remain mostly steady in the short term with support from spreads as July hits delivery with some places going to bidding versus the November already. The September chart resistance is at the 20-day moving average at $11.32 with support at the lower Bollinger Band at $10.89. WHEAT: Wheat futures are 3 to 10 cents lower with trade easing the Monday gains at midday and trade needing more short-covering to push past $6.00 nearby as harvest hits the homestretch with Minneapolis action the midday leader. Winter wheat harvest is heading toward the homestretch at this point, which should help ease selling pressure with weekly progress at 54% versus 39% on average, while spring wheat areas should stay mostly wet and on the cooler end for now. Weekly crop progress showed winter wheat 51% good to excellent and 15% poor to very poor, down 1% from the last condition report, with spring wheat 72% good to excellent, 1% better, and 4% poor to very poor with 45% headed versus 37% on average. The dollar remains in the upper end of the range with MATIF wheat fading this morning from the recent rebound. On the KC September chart, resistance is the 20-day moving average at $6.28, 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.