DTN Midday Grain Comments 07/18 10:51

DTN Midday Grain Comments 07/18 10:51 Corn Futures Lower at Midday; Soybeans Flat-Lower; Wheat Mixed Corn futures are 6 to 7 cents lower at midday Thursday; soybean futures are flat to 2 cents lower; wheat futures are 5 cents lower to 8 cents higher. David M. Fiala DTN Contributing Analyst MARKET SUMMARY: Corn futures are 6 to 7 cents lower at midday Thursday; soybean futures are flat to 2 cents lower; wheat futures are 5 cents lower to 8 cents higher. The U.S. stock market is lower at midday with the S&P 30 lower. The U.S. Dollar Index is 28 points higher. The interest rate products are weaker. Energy trade has crude .30 lower and natural gas .08 higher. Livestock trade is weaker. Precious metals are mixed with gold 9.00. CORN: Corn futures are 6 to 7 cents lower at midday with trade washing back to the lower end of the range again. Ethanol margins should see little change with corn action supportive while unleaded holds the 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 improved a bit at 437,800 metric tons (mt) of old crop and 485,700 mt of new. On the September chart, the 20-day moving average at $4.10 is resistance with the fresh low at $3.89 1/2 as support with the lower Bollinger Band at $3.76 as the next level down. SOYBEANS: Soybean futures are flat to 2 cents lower at midday with spread action continuing to firm up front while products take a more sideways tracj. Meal is 1.00 to 2.00 lower and oil is 30 to 40 points higher. Weather should remain good for crop development in the near term. The daily export wire saw life Thursday with 510,000 mt of new crop to unknown with 150,000 mt of new crop meal to unknown. Weekly export sales were mixed at 360,100 mt old crop; 375,000 mt of new; 209,300 mt of old crop meal; 99,400 mt of new; with oil at 3,300 of old, and 14,900 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 $10.87 with support at the fresh low of $10.32 1/4 scored Thursday with deeply oversold conditions. WHEAT: Wheat trade is 5 cents lower to 8 cents higher at midday with spring wheat leading as trade looks to put together back-to-back positive days to ease oversold conditions with winter wheat momentum fading. U.S. winter wheat harvest should continue to wind down, with Northern Hemisphere harvest expanding overall with spring wheat to remain in good shape in the U.S. with some warmer drier weather in the forecast. The dollar remains at the bottom end of the range with light strength Thursday while MATIF values remain on the low end of the range. Weekly export sales were solid at 578,500 mt. On the KC September chart, resistance is the 20-day moving average at $5.80, 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.