DTN Midday Grain Comments 07/11 11:08

DTN Midday Grain Comments 07/11 11:08 Corn, Wheat Futures are Higher at Midday; Soybeans Narrowly Mixed Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are narrowly mixed; wheat futures are 15 to 20 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Thursday; soybean futures are narrowly mixed; wheat futures are 15 to 20 cents higher. The U.S. stock market is mixed at midday with the S&P 45 lower. The U.S. Dollar Index is 65 points lower. The interest rate products are firmer. Energy trade has crude .40 higher and natural gas .05 lower. Livestock trade is firmer. Precious metals are firmer with gold 50.00 higher. CORN: Corn futures are 3 to 4 cents higher at midday with trade seeing stronger short-covering and spread action and working to push past $4.00 on the September contract with action fading a little off the day highs. Ethanol margins will narrow a little if corn strength holds. Warmer weather is expected for much of the Corn Belt in the short term while moisture looks to remain adequate after the remains of the hurricane pass through. Basis action should remain sideways into midmonth. Weekly export sales rebounded a bit at 538,300 metric tons (mt) sold and 116,500 mt of new crop. On the September chart, the 20-day moving average at $4.25 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 narrowly mixed at midday with early gains fading again as product strength eases and short-covering is still limited. Meal is .50 to 1.50 higher, and oil is 70 to 80 points higher. Warmer weather should bolster near-term crop development with overall moisture remaining adequate. Weekly export sales were still lackluster at 208,000 mt old crop, and 191,300 mt new crop with meal a marketing year low at 53,100 mt old, and 22,800 mt of new, with oil at 9,700 of old crop, and -3,500 of new. 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 $11.13 with support at the fresh low at $10.62 1/4 scored this morning. WHEAT: Wheat futures are 15 to 20 cents higher at midday with trade rebounding sharply with better spillover from row crops, Euro action and the dollar falling to the bottom of the range. 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 with warmer weather to push things along into the weekend. The dollar remains at the bottom end of the range, while MATIF values are firmer, but struggling a bit with the weaker dollar. Weekly export sales eased after the recent strength to 240,400 mt. On the KC September chart, resistance is the 20-day moving average at $5.98, 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.