DTN Midday Grain Comments 07/10 10:53

DTN Midday Grain Comments 07/10 10:53 Soybean, Wheat Futures Lower at Midday; Corn Narrowly Mixed Corn futures are narrowly mixed at midday Wednesday; soybean futures are 6 to 12 cents lower; wheat futures are 6 to 10 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are narrowly mixed at midday Wednesday; soybean futures are 6 to 12 cents lower; wheat futures are 6 to 10 cents lower. The U.S. stock market is firmer at midday with the S&P 22 higher. The U.S. Dollar Index is 8 points lower. The interest rate products are mixed. Energy trade has crude .85 higher and natural gas .04 lower. Livestock trade is mostly lower. Precious metals are firmer with gold 15.50 higher. CORN: Corn futures are narrowly mixed with two-sided action so far during the day session as we continue to hover just above the lows with little other fresh news. Ethanol margins should see little change with production off by 10,000 barrels per day and stocks up by 9,000 barrels. Warmer weather is expected for much of the belt while moisture looks to remain adequate after the remains of the hurricane pass through. Basis action should remain sideways into midmonth. Weekly export sales are expected to be in the 350,000 to 550,000 metric ton (mt) range Thursday. On the September chart, the 20-day moving average at $4.28 is resistance, with the fresh low at $3.91 1/4 as support and the lower Bollinger Band at $3.81 as the next level down. SOYBEANS: Soybean futures are 6 to 12 cents lower with spreads softening after early strength with meal leading products to the downside as we get more oversold on the charts. Meal is 3.00 to 4.00 lower and oil is flat to 10 points lower. Warmer weather should bolster near-term crop development with overall moisture remaining adequate. The daily export wire saw some life with 132,000 mt sold to China. Weekly sales are expected to be in the 200,000 to 350,000 mt range Thursday. 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 $11.17 with support at the fresh low at $10.70 scored Wednesday morning. WHEAT: Wheat futures are 6 to 10 cents lower with KC fading back to fresh lows again before firming a touch with row-crop pressure easing a bit but pressure from harvest and Europe persisting. Winter wheat harvest is heading toward the homestretch with harvest pressure likely to ease further with spring wheat development likely to continue at a good pace. The dollar remains in the middle of the range, while MATIF values are back near the lows after holding the gains. Weekly export sales are expected to be in the 400,000 to 600,000 mt range Thursday. On the KC September chart, resistance is the 20-day moving average at $6.02, with the fresh low at $5.61 1/4 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.