DTN Midday Grain Comments 07/08 10:51

DTN Midday Grain Comments 07/08 10:51 Corn, Soybean, Wheat Futures Lower at Midday Corn futures are 14 to 15 cents lower at midday Monday; soybean futures are 20 to 32 cents lower; wheat futures are 17 to 23 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 14 to 15 cents lower at midday Monday; soybean futures are 20 to 32 cents lower; wheat futures are 17 to 23 cents lower. The U.S. stock market is firmer at midday with the S&P 8 higher. The U.S. Dollar Index is 3 points higher. The interest rate products are weaker. Energy trade has crude .30 lower and natural gas .05 higher. Livestock trade is mixed. Precious metals are weaker with gold 16.20 lower. CORN: Corn futures are 14 to 15 cents lower at midday with broad risk-off trade to start the week with fresh lows as we took out the post stocks and acres report lows. Ethanol margins should remain stable in the short term with unleaded holding the upper end of the range better as corn fades to the lower end of the range. Warmer weather is expected for much of the Corn Belt while moisture looks to remain near average for most. Weekly crop progress is expected to show steady conditions and development just ahead of the 5-year average. Basis action should remain sideways into midmonth. The daily export wire saw 135,636 metric tons (mt) sold to unknown split between old and new crop, with weekly export inspections solid at 1.024 million metric tons (mmt). On the September chart, the 20-day moving average at $4.34 is resistance with the recent low at $3.94 as support with the lower Bollinger Band at $3.90 as the next level down. SOYBEANS: Soybean futures are 20 to 32 cents lower with firmer spread action continuing as trade washes back to fresh lows with broad product weakness. Meal is 7.50 to 8.50 lower and oil is 70 to 80 points lower as it tries to consolidate recent gains. Warmer weather should bolster near-term crop development with weekly crop progress likely to show steady conditions with blooming likely just ahead of average. Weekly export inspections were still soft seasonally at 273,321 mt. Basis should remain mostly steady in the short term with support from spreads. The September chart resistance is at the 20-day moving average at $11.25 with support at the lower Bollinger Band at $10.88. WHEAT: Wheat futures are 17 to 23 cents lower at midday with trade again pulling back from the $6.00 area nearby with broad risk-off trade Monday and lingering harvest pressure as we head toward the homestretch for winter wheat. Weekly crop progress should show winter wheat down to around the last third of acres to harvest with spring wheat conditions likely to be steady with development near the 5-year average. The dollar is holding the lower end of the recent range with MATIF wheat seeing broad selling as European harvest continues after pulling back from the test of resistance seen to end last week. Weekly export inspections were a bit disappointing at 341,005 mt. On the KC September chart, resistance is the 20-day moving average at $6.12, with the fresh low at $5.73 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.