DTN Midday Grain Comments 07/16 10:50

DTN Midday Grain Comments 07/16 10:50 Corn, Soybean Futures Higher at Midday; Wheat Lower Corn futures are 3 to 4 cents higher at midday Tuesday; soybean futures are 7 to 14 cents higher; wheat futures are 3 to 8 cents lower. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 3 to 4 cents higher at midday Tuesday; soybean futures are 7 to 14 cents higher; wheat futures are 3 to 8 cents lower. The U.S. stock market is firmer at midday with the S&P 20 higher. The U.S. Dollar Index is 25 points higher. The interest rate products are firmer. Energy trade has crude .70 lower and natural gas .03 higher. Livestock trade is mostly higher. Precious metals are mixed with gold 33.50 higher. CORN: Corn futures are 3 to 4 cents higher at midday with light buying as damaging storms work through the central Corn Belt, along with heavily oversold conditions still in place with lightly firmer spread action. Ethanol margins should remain fairly stable but could narrow if corn buying persists along with the pullback in unleaded values. Cooler weather looks to persist for much of this week with little moisture concerns. Weekly crop progress showed good to excellent unchanged at 68% and 9% poor to very poor, with 41% silking versus 32% on average, and 8% in the dough versus 4% last week. Basis action should remain sideways into midmonth. On the September chart, the 20-day moving average at $4.15 is resistance with the fresh low at $3.89 1/2 as support with the lower Bollinger Band at $3.74 as the next level down. SOYBEANS: Soybean futures are 7 to 14 cents higher with strong spread action as trade tries to firm back from the washout Monday with broad product support. Meal is 1.50 to 2.50 higher and oil is 40 to 50 points higher. NOPA crush was just below expectations but solidly ahead of year-ago levels. Weather should remain good for crop development in the near term with the weekly report showing good to excellent unchanged at 68% good to excellent and 8% poor to very poor, with 51% blooming versus 44% on average, and 18% setting pods versus 12% 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 $10.96 with support at the fresh low at $10.32 1/4 scored Tuesday with deeply oversold conditions. WHEAT: Wheat futures are 3 to 8 cents lower at midday with trade unable to follow row-crop strength as Northern Hemisphere harvest moves forward despite overseas production concerns. Winter wheat harvest is 71% completed versus 62% on average, and spring wheat 76% headed versus 78% on average, and 77% good to excellent, up 2 points, with 3% poor to very poor. The dollar remains at the bottom end of the range with light buying so far, while MATIF values faded back to the lows yet again after early strength. On the KC September chart, resistance is the 20-day moving average at $5.85, with the fresh low at $5.45 3/4 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.