DTN Midday Grain Comments 07/03 10:49

DTN Midday Grain Comments 07/03 10:49 Corn, Wheat Futures Lower at Midday; Soybeans Higher Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 5 to 7 cents higher; wheat futures are 1 to 7 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 2 to 3 cents lower at midday Wednesday; soybean futures are 5 to 7 cents higher; wheat futures are 1 to 7 cents lower. The U.S. stock market is mixed at midday with the S&P 11 higher. The U.S. Dollar Index is 55 points lower. The interest rate products are firmer. Energy trade has crude .05 higher and natural gas .03 higher. Livestock trade is mostly higher. Precious metals are firmer with gold 38.20 higher. CORN: Corn futures are 2 to 3 cents lower at midday with trade remaining rangebound as we head to the 4th of July break with little other fresh news. The weekly ethanol report showed production up by 21,000 barrels per day (bpd) with stocks up by 172,000 barrels. Cooler and wetter conditions are expected to linger for much of the Corn Belt in the near term. Basis action should remain sideways into mid-month. Weekly export sales are expected to be in the 500,000 to 700,000 metric ton (mt) range on Friday. On the September chart, the 20-day moving average at $4.39 is resistance with the recent low at $3.99 1/2 as support. SOYBEANS: Soybean futures are 5 to 7 cents higher at midday with trade working to extend early-week strength with oil still leading the products' upside. Meal is .50 to 1.50 lower, with oil is 70 to 80 points higher, the 6th session in a row higher. Near-term moisture should help crop development in July outside of the too-saturated areas. The daily wire saw 110,100 mt of soybeans sold to unknown destinations, split between old and new crop delivery. Basis should remain mostly steady in the short term with support from spreads with some places going to bidding versus the November already. The September chart resistance is at the 20-day moving average at $11.30 with support at the lower Bollinger Band at $10.88. WHEAT: Wheat futures are 1 to 7 cents lower in quiet trade after the early-week momentum faded yesterday with harvest pressure and oversold conditions still lingering into the holiday break. Winter wheat harvest is heading toward the homestretch at this point with harvest pushing north of I-80, while spring wheat will stay cooler and wetter for now. The dollar is solidly lower, which will add more support if the slide holds, with MATIF wheat working lower but holding its range as well. On the KC September chart, resistance is the 20-day moving average at $6.22, 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.