DTN Midday Grain Comments 07/17 10:49

DTN Midday Grain Comments 07/17 10:49 Corn, Wheat Futures Higher at Midday; Soybeans Flat-Higher Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are flat to 6 cents higher; wheat futures are 13 to 15 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 1 to 2 cents higher at midday Wednesday; soybean futures are flat to 6 cents higher; wheat futures are 13 to 15 cents higher. The U.S. stock market is mixed at midday with the S&P 65 lower. The U.S. Dollar Index is 47 points lower. The interest rate products are weaker. Energy trade has crude 1.60 higher and natural gas .11 cents lower. Livestock trade is mixed. Precious metals are mostly lower with gold flat. CORN: Corn futures are 1 to 2 cents higher at midday with light buying continuing after the Tuesday rebound as we continue to ease oversold conditions with softer spread action upfront. The weekly ethanol report showed production rising by 52,000 barrels per day (bpd), with stocks off by 443,000 barrels with margins holding within the recent range. Cooler weather looks to persist for much of this week with little moisture concerns. Basis action should remain sideways into late month. Weekly export sales are expected to be in the 500,000 to 700,000 metric ton (mt) range. On the September chart, the 20-day moving average at $4.13 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 flat to 6 cents higher at midday with strong spread action as the August contract leads with early product gains faltering. Meal is narrowly mixed and oil is 25 to 35 points lower. Weather should remain good for crop development in the near term. Weekly export sales are expected to be in the 200,000 to 400,000 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 $10.92 with support at the fresh low at $10.32 1/4 scored Wednesday with deeply oversold conditions. WHEAT: Wheat futures are 13 to 15 cents higher at midday with trade again trying to ease oversold conditions and bounce from fresh lows with trade near the session highs this morning. U.S. winter wheat harvest should continue to wind down, with Northern Hemisphere harvest expanding overall with spring to remain in good shape in the U.S. The dollar remains at the bottom end of the range with broader selling Wednesday while MATIF values work back a little of the bottom of the range. Weekly export sales are expected to be in the 350,000 to 550,000 mt range. On the KC September chart, resistance is the 20-day moving average at $5.82, 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.