DTN Midday Grain Comments 07/09 10:49

DTN Midday Grain Comments 07/09 10:49 Corn, Wheat Futures Higher at Midday; Soybeans Lower Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 8 to 13 cents lower; wheat futures are 4 to 7 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 4 to 5 cents higher at midday Tuesday; soybean futures are 8 to 13 cents lower; wheat futures are 4 to 7 cents higher. The U.S. stock market is mixed at midday with the S&P 6 higher. The U.S. Dollar Index is 20 points higher. The interest rate products are weaker. Energy trade has crude .45 lower and natural gas .04 higher. Livestock trade is mixed. Precious metals are weaker with gold 5.50 lower. CORN: Corn futures are 4 to 5 higher with light, two-sided action overnight giving way to light buying during the day session as we ease oversold conditions. Ethanol margins should remain solid in the short term with unleaded still holding the upper end of the recent range. Warmer weather is expected for much of the Corn Belt while moisture looks to remain near average for most with the remains of the hurricane hitting the center of the belt. Weekly crop progress showed 68% good to excellent, up 1 percentage point, and 9% poor to very poor with 24% silking versus 14% on average and 3% in the dough versus 2% on average. Basis action should remain sideways into midmonth. On the September chart, the 20-day moving average at $4.34 is resistance, with the fresh low at $3.91 1/4 as support and the lower Bollinger Band at $3.85 as the next level down. SOYBEANS: Soybean futures are 8 to 13 cents lower with early gains fading as spread trade remains sold with oil leading broad weakness in the product complex. Meal is 4.00 to 5.00 lower, and oil is 195 to 205 points lower. Warmer weather should bolster near-term crop development. Weekly crop progress showed good to excellent 1 percentage point better at 68%, and 8% poor to very poor, with 34% blooming versus 28% on average, and 9% setting pods versus 5% on average. 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 $11.22 with support at the lower Bollinger Band at $10.84. WHEAT: Wheat futures are 4 to 7 cents higher at midday with trade working to stabilize after the Monday washout to fresh lows with harvest pressure to continue easing and less negative spillover from corn Tuesday. Weekly crop progress showed winter wheat harvest 63% completed versus 52% on average, with spring wheat 59% headed versus 60% on average, and 75% good to excellent, up 3 percentage points, and 4% poor to very poor. The dollar remains in the middle of the range, while MATIF values work to bounce as well with French production estimates slipping. On the KC September chart, resistance is the 20-day moving average at $6.07, 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.